Additionally, funds will be invested in technology advancements to create user-friendly digital interfaces
The company also intends to leverage this capital to form strategic partnerships with insurers, intermediaries and lenders
Cofounded by Promod Khanna, Tim Mathews, and Prabal Khanna, Finsall is a fintech firm offering investment and insurance solutions
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Fintech startup Finsall has secured INR 15 Cr (around $1.7 Mn) in a bridge funding round co led by Unicorn India Ventures and Seafund.
The round also saw participation from other institutional investors.
The Mumbai-based company plans to deploy the fresh proceeds to build a non-banking financial company (NBFC) to expand lending operations, particularly in insurance premium financing.
Additionally, the funds will be invested in technology advancements to create user-friendly digital interfaces for its stakeholders like insurance companies, brokers, agents, and lending partners (banks and NBFCs).
The company also aims to leverage this capital to form strategic partnerships with insurers, intermediaries and lenders, to broaden its service offerings and improve distribution channels.
Finsall’s cofounder and CEO Tim Mathews 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. 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.”
Founded by Mathews, Promod Khanna and Prabal Khanna, Finsall is a fintech platform offering insurance solutions to insurers and insurance intermediaries to finance any type of general insurance policy for both retail and SME customers
It claims to make insurance premium financing accessible and affordable. Its customers ranges from HNIs to gig economy workers to enterprises.
Finsall claimed to have registered 9X revenue growth over the last 2 years on the back of forging successful strategic partnerships, growing customer base and reaching new demographics.
It competes with InsuranceDekho, Turtlemint Insurance, Digit Insurance, Acko, in the insurtech space.
This funding comes at a time when the broader fintech segment is witnessing increasing interest of investors.
For instance, Insurtech startup BimaPay has secured $2 Mn in an undisclosed funding round led by LC Nueva Investment Partners
In April, another insurtech startup ClaimBuddy bagged $5 Mn funding to strengthen its tech stack, expand workforce and sales network, and shore up product portfolio.
According to Inc42’s State Of Indian Fintech Report Q4 2023, the insurtech segment is slated to reach a market size of $304 Bn+ by 2030 at a 17% CAGR from $87 Bn+ in 2022.
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