InsurTech startup Finsall has reportedly raised 2.4 crore ($328,000) in its seed funding round, which was led by Unicorn India Ventures.
Other participants to the round include SEA Fund as well as several angel investors including SupplyAI CEO Karthik Sridhar, according to a report from Economic Times.
This equity will be used to strengthen its team, scale up the platform, onboard more insurance companies and lenders, it said.
Finsall partners with insurance companies and offers financing against general insurance. Salaried, self-employed and business owners are all eligible for loans and clients can choose what insurance company to buy the policy from.
The company provides insurance premium financing for employee benefits, medical and personal accident insurance policies, motor vehicles insurance, package policies, factories and construction equipment.
Finsall co-founder and CEO Tim Mathews told Economic Times, “This fundraise will help the company build a stronger technology team that can support the various demands of our stakeholders and customers. It will also reduce the turnaround time to roll out partnerships.
“On the business development front, the funds will help us gain access to SME and retail customers who are in need of premium financing across India.”
Copyright © 2021 FinTech Global
