BimaPay has successfully secured a funding boost of $2m, orchestrated by LC Nueva Investment Partners, according to a report from the Hindu Business Line.
BimaPay is at the forefront of transforming the insurance industry through its digital lending services. It offers personal loans for the purpose of insurance premium payments.
The platform boasts the ability to complete the entire process, from onboarding and KYC through to contract signing and disbursements within eight minutes.
The infusion of $2m will be strategically utilised to scale BimaPay’s operations and enhance its technological infrastructure. This capital injection is aimed at strengthening its partnerships and broadening its reach to underserved markets, thereby increasing insurance penetration through financial inclusion.
Additionally, BimaPay has developed unique financing solutions tailored for hospitals, garages, and individual policyholders.
Hanut Mehta, Co-founder, BimaPay, said, “This funding not only validates our vision but also fuels our determination to revolutionize the insurance industry through innovation and technology. With this infusion of capital, we will accelerate our growth and make a lasting impact on insurance penetration in India.”
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