Finsall Raises INR 15 Crore in Bridge Round to Fuel Expansion in Insurance Premium Financing
- ByStartupStory | June 14, 2024
Finsall, the pioneering Insurance-First BNPL startup, has successfully secured INR 15 crore in a bridge round led by Unicorn India Ventures and Seafund, with participation from other institutional investors. This strategic funding infusion marks a significant milestone for Finsall as it gears up to establish a Non-Banking Financial Company (NBFC) aimed at scaling its lending operations in the insurance premium financing sector.
Tim Mathews, Co-Founder and CEO of Finsall, expressed confidence in the company’s growth trajectory, stating, “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.”
The funds raised will primarily be allocated towards technological enhancements aimed at developing intuitive, user-friendly interfaces. These enhancements are intended to deliver seamless digital experiences to key stakeholders, including insurance companies, brokers, agents, and lending partners such as banks and NBFCs.
Anil Joshi, Managing Partner at Unicorn India Ventures, highlighted the vast potential in the insurance premium financing sector, saying, “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. 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.”
Finsall has achieved remarkable growth with a 9X revenue increase over the last 2 years, expanding its footprint to serve customers across 8,000 locations in India. The company’s Credit as a Service (CaaS) platform has been instrumental in simplifying customer onboarding by seamlessly connecting insurers and intermediaries with relevant lenders.
Manoj Agarwal, Managing Partner at Seafund, commented on the company’s growth trajectory, stating, “As Finsall onboards more insurance providers and agents, we see the market growing really fast for them.”
Finsall remains committed to its mission of ensuring widespread access to insurance premium financing, catering to a diverse range of customers from HNIs to gig economy workers and enterprises. With its innovative approach and strategic partnerships, Finsall aims to achieve a 4X increase in revenue for the fiscal year 2024-25.
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