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Insurance focused Fintech platform Finsall has raised Rs 12 crore in a Pre Series A round from its existing investors Unicorn India Ventures and SEA Fund, along with a clutch of other investors.
This is the second round of investment by UIV, which is widely known for discovering high potential fintech companies like Open Bank and SmartCoin.
Finsall plans to use the fresh funds raised for scaling its technology platform, signing new insurance partners with an aim to increase its market share in the Indian insurance premium financing market. The Company will also be looking to enter into lending partnerships with top banks and NBFCs.
Speaking on the funding in insurtech platform, Anil Joshi, Managing Partner, Unicorn India Ventures, says, “One of the biggest reasons for low insurance penetration in India is lack of financing options available for premium payment. Finsall’s razor sharp focus on solving this problem has given them massive growth. Since our first investment in the company, it has grown 70% m-o-m and added capabilities in its platform. We are seeing strong business traction and pipeline of customers, which is why we have decided to invest in them further.”
Finsall is an end-to-end technology process for insurance premium financing. They have built a multi lender platform for banks and NBFCs so that lending can be done at scale and in a sustainable manner.
“We invested in Finsall when it was in the early stages of development of its technology platform and the team was developing a product market fit. The founding team had a great mix of young and experienced founders and was working on an unique strategy to address a perennial problem in Insurance in India. As a fund, we track and back Insurtech and we believe that Premium Financing is an enabler for higher insurance sales and Finsall is able to cater specifically to the problems faced by this customer segment,” Manoj Kumar Agarwal, Managing Partner, SEAFUND said.
Commenting on the fundraise, Tim Mathews, Co-founder & CEO of Finsall, said, “We currently have customers in more than 500 cities pan India with a special focus on under-banked and underserved rural pockets. We have also opened financing for multiple products within the insurance industry to continue our scale up and build a strong business model. This fundraise is a stamp of our investor’s faith in us as we continue to register growth across verticals.”