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Fin+InsureTech Finsall raises $1.7m in Bridge Round led by Unicorn India Ventures & Seafund

By Gloria Mathias

June 13, 2024

  • Fin+InsurTech
  • Finsall
  • fintech funding
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Finsall, Fin+InsurTech, Insurance BNPL, Fintech solutions, InsurTech, Insurance Solutions, Fintech india, Fintech Funding, funding News, India Startup News, Insurance-First BNPL startup Finsall has raised $1.7 million (INR 15 crore) in a bridge round led by Unicorn India Ventures and Seafund, with additional involvement from other institutional investors.

The funds raised will be used for setting up an NBFC to scale lending operations and deliver more value to its customers in insurance premium financing. The funds will also be allocated for tech enhancement with an aim to develop intuitive, user-friendly interfaces to provide seamless digital experiences for key stakeholders including insurance companies, brokers, agents and lending partners (Banks and NBFCs).

The company also aims to use the current capital infusion to develop more strategic partnerships with insurers, intermediaries, and lenders to broaden service offerings and enhance distribution channels.

Tim Mathews, Co-Founder and CEO of 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.”

By focusing on product development, operational scaling, and customer service, the company aims to disrupt the insurance premium financing industry and build a long-term value proposition in the market.

Anil Joshi, Managing Partner of Unicorn India Ventures, said, “Insurance premium financing remains a nascent sector, but in the last 2 years, especially 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.”

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