Finsall Secures Rs 15 Crore in Bridge Funding to Fuel Growth in Insurance Premium Financing

Bengaluru, Karnataka - Insurtech startup Finsall has secured Rs 15 crore in a bridge funding round, led by Unicorn India Ventures and SEA Fund. This fresh injection of capital will propel Finsall's mission to make insurance premiums more accessible and affordable for all Indians.

Financing the Future of Insurance

The funds will be strategically allocated to establish a non-banking financial company (NBFC). This move empowers Finsall to scale its lending operations and deliver greater value to its insurance premium financing customers. Additionally, Finsall plans to leverage the funding to:

• Expand Partnerships: Forge stronger collaborations with insurers, intermediaries, and lenders.
• Tech Innovation: Develop a user-friendly digital interface for seamless experiences across all stakeholders.

Building on Momentum

This funding round follows Finsall's successful pre-series A round in January 2022, also led by Unicorn India Ventures and SEA Fund. The company's impressive growth trajectory has garnered further investor interest. Tim Mathews, co-founder and CEO of Finsall, revealed plans to raise around $10 million in a Series A funding round within the next six to seven months.

NBFC: A Strategic Advantage

"We believe obtaining an NBFC license will position Finsall as a more attractive partner," shared Mathews. "This regulatory status will instill greater confidence not only among leading fintech players like Paytm and PhonePe but also with the RBI (Reserve Bank of India)."

A Pioneering Vision

Founded in 2018 by Mathews, Promod Khanna, and Prabal Khanna, Finsall is a frontrunner in the "insurance-first buy now, pay later" space. They offer flexible financing solutions for a diverse range of insurance seekers. Finsall's innovative CaaS (Credit-as-a-Service) platform empowers other companies to seamlessly integrate credit options into their insurance offerings.

Exponential Growth

Finsall boasts a remarkable nine-fold revenue increase over the past two years. Their reach extends across 8,000 locations in India, with a strong presence in the non-life insurance segment. The company is actively expanding its portfolio to encompass life insurance products as well.

Looking Ahead

Finsall is experiencing a stellar 18% month-over-month growth rate in insurance premiums for FY24. Their ambitious goals include quadrupling revenue by the end of FY25.

Anil Joshi, Managing Partner at Unicorn India Ventures, commented: "The insurance premium financing sector is nascent but holds immense potential. The post-pandemic period has witnessed a surge in customer acceptance of this model. Finsall's strong momentum positions them perfectly to capitalize on this exciting market opportunity and increase insurance penetration in India."