Leading BNPL startup Finsall in the insurance space, Unicorn India Ventures and Seafund sponsored a bridge deal that garnered Rs 15 crore ($1.8 million).
The money raised will go towards establishing an NBFC so that it can expand its lending activities and provide more insurance premium financing benefits to its clients.
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Finsall has introduced its credit as a service (CaaS) platform, a plug-and-play approach meant to assist its clients in selecting the insurance products they must extend credit for without having to deal with the hassles of developing their own lending or credit software.
Finsall claims to have seen a 9X revenue growth over the last two years. The firm is serving customers across 8,000 locations in India and has seen major growth in the non-life insurance segments.
The company wants to grow its business quickly while maintaining its inventive, competitive, and customer-focused qualities. By concentrating on customer service, operational scalability, and product development, the business will be in a strong position to upend the insurance premium finance sector and create a sustainable value offer.
Unicorn India Ventures and Seafund led a pre-Series A round of funding in Finsall in January 2022, totaling Rs 12 crore ($1.45 million).
Tim Mathews, Co-Founder and CEO, Finsall, said: “This interim bridge round will help us focus on scaling our books and taking a huge leap forward in creating an NBFC in the insurance premium financing industry. Building a category is no easy task, especially in the lending and insurance space. We are glad that we have a great core team and long-term investors in Unicorn India Ventures and Seafund who believe in the vision that we are building at Finsall. We have several financial inclusion and lending solutions that will make a difference for those who wish to protect themselves, their assets, and their loved ones. We aim to build on domestic success stories and examine if our products make global sense.”
Anil Joshi, Managing Partner, Unicorn India Ventures, said: “Insurance premium financing remains a nascent sector but in the last 2 years, specially post covid, there is a strong customer acceptance of this model. Insurance providers to the end users are now comfortable with an option to use credit for financing insurance premiums. Given that insurance penetration in the country is still at 1%, the market opportunity is huge and we believe Finsall has built the right momentum to capitalise on this segment.”
About Finsall
Founded in 2018 by Promod Khanna, Finsall is making digital premium finance accessible, easy to use, and seamless for all Indians. Finsall has pioneered India’s insurance premium financing industry.
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