Finsall, an innovative Fin+InsureTech company, has successfully secured a bridge round of Rs 15 crore, led by prominent investors Unicorn India Ventures and Seafund.
This funding round also witnessed contributions from various other institutional investors.
The Rs 15 crore raised in this round will be strategically used to establish a non-banking financial company (NBFC) aimed at scaling Finsall’s lending operations. This move is intended to augment their capabilities in insurance premium financing, further enhancing their service offerings in the financial sector.
At its core, Finsall operates as an “insurance-first” buy now, pay later (BNPL) fintech firm, which has pioneered a new category in the lending market. The company has experienced significant growth, expanding its services across 8,000 locations in India. This growth trajectory is underscored by a robust increase in revenue, achieving a nine-fold increase over the past two years.
The infusion of new capital will facilitate several key initiatives aimed at advancing Finsall’s market position. These include the development of a more intuitive and user-friendly ‘Credit as a Service’ platform, which will deliver enhanced digital experiences for a range of stakeholders including insurance companies, brokers, and lending partners. Additionally, the funds will support strategic partnership development, crucial for broadening service offerings and enhancing distribution channels.
In the broader scope of their operational strategy, Finsall also plans to utilize this capital to foster financial inclusion and develop lending solutions that provide substantial protection for individuals, their assets, and their families. This approach aligns with the company’s commitment to innovation, customer-centricity, and competitive market presence.
Tim Mathews, Co-Founder and CEO of Finsall, said, “This interim bridge round will help us focus on scaling our books and taking a huge leap forward in creating an NBFC in the insurance premium financing industry. Building a category is no easy task, especially in the lending and insurance space.
“We are glad that we have a great core team and long-term investors in Unicorn India Ventures and Seafund who believe in the vision that we are building at Finsall. We have several financial inclusion and lending solutions that will make a difference for those who wish to protect themselves, their assets, and their loved ones. We aim to build on domestic success stories and examine if our products make global sense.”
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