Bengaluru-based insurtech startup Finsall has secured INR 15 crore in bridge funding, with leading participation from Unicorn India Ventures and Seafund, along with several other institutional investors.
This infusion of capital will be instrumental in establishing a non-banking finance company to scale lending operations and fortify partnerships with insurers and lenders.
Finsall, founded in 2018 by Tim Mathews, Promod Khanna, and Prabal Khanna, specializes in insurance premium financing services, catering to a diverse clientele of policy seekers. With a keen focus on innovation and customer-centric solutions, Finsall has introduced a credit-as-a-service (CaaS) platform, streamlining the credit process for insurance products and eliminating the need for complex lending software systems.
Tim Mathews, CEO of Finsall, expressed optimism about the company’s growth trajectory, citing a nine-fold increase in revenue over the past two years. Finsall’s strategic expansion plans include diversifying its portfolio to encompass life insurance products and extending its reach to customers across 8,000 locations in India.
The latest funding round follows a successful pre-series A funding round in January 2022, where Finsall raised INR 12 crore from Unicorn India Ventures and Seafund. Looking ahead, the company aims to raise approximately $10 million in its series A funding round within the next six to seven months.
Anil Joshi, Managing Partner at Unicorn India Ventures, underscored the immense potential of insurance premium financing in India, particularly in the wake of heightened customer acceptance post-Covid. With insurance penetration still at a nascent stage, Finsall is well-positioned to capitalize on this burgeoning market segment and drive exponential growth in the years ahead.
Finsall’s steadfast commitment to innovation, coupled with its robust financial backing, positions it as a frontrunner in the insurtech landscape, poised to revolutionize insurance premium financing and reshape the insurance sector’s future in India.