Turtlemint’s Turtlefin Acquires Insurtech SaaS Startup Last Decimal

Turtlemint’s B2B vertical Turtlefin has acquired insurtech SaaS startup Last Decimal for an undisclosed amount. 

The acquisition will help Turtlefin expand its bancassurance business with the addition of Last Decimal’s existing customers.

A bancassurance business connects banks with insurance companies and in turn, helps such companies sell products and services to the bank’s customers.

Founded in 2012 by A S Narayanan, Bengaluru-based Last Decimal is a SaaS-based insurtech platform that helps insurance companies grow reach and revenue in the said segment.  

Explaining its business model, the startup said that its APIs and cloud-based technology enable insurers to share their insurance offers instantly with customers, in turn, helping them grow volumes. 

“As an insurtech player, Turtlefin and Last Decimal have a shared vision of growth for our customers and insurtech segment. We will generate strong synergies and accelerate innovation through this collaboration, which will enable us to empower the insurtech growth story in India,” said, A.S. Narayanan, CEO of Last Decimal. 

Turtlefin, on the other hand, is led by Turtlemint, provides end-to-end tech solutions to insurers thus, enabling them to digitise insurance sales and services for large enterprises including banks, insurers, ecommerce players and other distributors. 

Turtlefin said it uses plug-and-play APIs to integrate tech solutions for insurers, thereby, culminating the need for insurers to build any other tech infrastructure. 

“Turtlefin has created solutions along various points of the insurance value chain, including advisory, quotes, claims and product creation. The acquisition will further strengthen our bancassurance technology offering by making us the clear leader with 16 top banks in Asia present in our clientele and will unlock exponential growth opportunities for us,” said Dhirendra Mahyavanshi, cofounder of Turtlemint. 

The startup claims to be working with banks, insurers, brokers and ecommerce players in India and the Middle East.

Its parent company Turtlemint also claimed to have built a network of over 250K digital partners and also, raised about $190 Mn funding to date. Its backers include Jungle Ventures, Nexus Venture Partners, Amansa Capital, Sequoia Capital India, GGV Capital, Vitruvian Partners and Marshall Wace American Family Ventures, among others. 

In the fiscal year 2021-22, Turtlemint witnessed a net loss of INR 1.6 Cr whilst its total revenue stood at INR 99.4 Cr. 

In India, it locks horns with insurtech startups such as Digit Insurance, Nova Benefits, Coverfox, and PB Fintech, among others. 

According to an Inc42 report, the country’s insurtech sector is anticipated to have a market opportunity of $616 Bn by 2025.