back Back

Finsall raises INR 120m in Pre-Series A

By Leandra Monteiro

January 19, 2022

  • Finsall
  • FinTech
  • Funding

Finsall Insurance focused FinTech platform Finsall has raised INR 120 million in a Pre-Series A round from its existing investors – Unicorn India Ventures and SEA Fund along with a clutch of other investors.

This is the 2nd round of investment by UIV, which is widely known for discovering high potential FinTech companies like Open Bank and SmartCoin.

Finsall plans to use the fresh funds raised for scaling its technology platform, signing new insurance partners with an aim to increase its market share in the Indian insurance premium financing market. The Company will also be looking to enter into lending partnerships with top banks and NBFCs.

Anil Joshi, Managing Partner, Unicorn India Ventures said, “One of the biggest reasons for low insurance penetration in India is lack of financing options available for premium payment. Finsall’s razor sharp focus on solving this problem has given them massive growth. Since our first investment in the company, it has grown 70% m-o-m and added capabilities in its platform. We are seeing strong business traction and pipeline of customers, which is why we have decided to invest in them further.”

Finsall is an end-to-end technology process for insurance premium financing. They have built a multi lender platform for banks and NBFCs so that lending can be done at scale and in a sustainable manner.

Manoj Kumar Agarwal, Managing Partner, SEAFUND said, “We invested in Finsall when it was in the early stages of development of its technology platform and the team was developing a product market fit. The founding team had a great mix of young and experienced founders and was working on an unique strategy to address a perennial problem in Insurance in India. As a fund, we track and back Insurtech and we believe that Premium Financing is an enabler for higher insurance sales and Finsall is able to cater specifically to the problems faced by this customer segment.”

Tim Mathews, Co-founder & CEO, Finsall said, “We currently have customers in more than 500 cities pan India with a special focus on under banked and underserved rural pockets. We have also opened financing for multiple products within the insurance industry to continue our scale up and build a strong business model. This fund raise is a stamp of our investor’s faith in us as we continue to register growth across verticals.”

Finsall opened up financing for other insurance premium in addition to catering to retail customers in motor and health insurance. The Company has now expanded to address the MSME sectors’ needs for premium financing.

Previous Article

January 19, 2022

HSBC and Episode Six celebrate 3rd anniversary of their partnership

Read More
Next Article

January 19, 2022

Gr4vy secures $15m Series A to accelerate rapid growth

Read More

IBSi Daily News Analysis

Data privacy

July 16, 2024


Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

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