back Back

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

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.”

Previous Article

June 13, 2024

Flexys partners with for debt collection

Read More
Next Article

June 13, 2024

4 Cybersecurity firms using AI to thwart financial crime in the UK

Read More

IBSi Daily News Analysis


July 19, 2024


SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 15, 2024

Duck Creek Technologies delivers HDFC ERGO’s new core InsurTech solutions

Read More

July 12, 2024

GoCardless & ICE InsureTech to offer faster payments to insurance firms

Read More

July 05, 2024

AutoRek & JP Morgan Payments partner on insurance premium processing

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2024