Finhaat secures $3 million to provide technology-driven insurance distribution solutions

• ByStartupStory     |    December 20, 2023

Insurtech platform Finhaat has secured a $3 million Seed funding round led by Omnivore, along with participation from Kettleborough VC. The startup focuses on providing digital insurance services, specifically targeting underserved demographics like rural communities and middle to low-income groups in tier 2 and tier 3 cities.

Established in June 2022, Finhaat initially concentrated on insurance as its primary product vertical. Its core objective is to build a B2B insurance distribution and servicing platform tailored for institutions catering to underserved populations such as NBFCs, MFIs, BC networks, Nidhi companies, cooperatives, NGOs, and FPOs.

The company emphasizes its unique APIs for swift policy issuance and a seamless end-to-end claims process to democratize insurance accessibility. In their statement, they highlighted their commitment to expanding insurance reach to a wider customer base.

Finhaat offers a SaaS-based digital platform, aiming to ensure ease of implementation and efficient customer servicing for partner institutions.

Vinod Singh, co-founder of Finhaat, expressed, “Our operations already cover over 65 percent of pin codes in India. With this round, we hope to expand further by building robust technological models, enriching product experience, introducing innovative products, enhancing our partner base, and hiring resources for new verticals.”

Jinesh Shah, Managing Partner at Omnivore, underlined the significance of Finhaat’s mission, stating, “Finhaat is transforming this landscape, and we are excited to support its mission of improving financial access and resilience for the millions left behind by formal systems.”

Follow Startup Story