Insuretech platform Finsall raises Rs 12 cr in pre-Series A round from Unicorn India Ventures, SEA Fund, others

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.

Finsall is an end-to-end technology process for insurance premium financing.

Tim Mathews, Co-founder & CEO, Finsall, says, “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 fund raise is a stamp of our investor’s faith in us as we continue to register growth across verticals.”

What will the funds be used for?

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.

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 percent 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.”

Manoj Kumar Agarwal, Managing Partner, Seafund, said, “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.”

The General insurance industry is a Rs 2 lakh crore market currently. Finsall aims to be a market leader in this segment for providing insurance premium financing as the preferred payment option for the under-insured and un-insured population in India.

Published on: Wednesday, January 19, 2022, 11:59 AM IST