Finsall, a Kerala Startup Mission (KSUM)-incubated insurance-focused fintech platform, secured Rs 12 crore (USD 1.6 million) in a pre-Series A round from current backers Unicorn India Ventures and SEA Fund, as well as a slew of other investors. According to a press statement issued on Wednesday, the financing meet was held under the KSUM’s fund of money programme. Finsall, a Bangalore-based company that connects clients, insurance intermediaries, insurance companies, banks, and NBFCs, primarily provides software that allows for seamless instalment payment of insurance premiums. Finsall seeks to alleviate the pressure of paying large sums in instalments in one go, with an emphasis on expanding insurance penetration in the country.
Finsall recently gave KSUM back Rs 6 lakh as a thank-you gesture for the nodal agency’s support of the 2018-launched firm during its formative years. Finsall’s future expansion was wished by top KSUM officials, who expressed the hope that the firm will achieve new heights. Finsall is an end-to-end technological method for insurance premium financing founded by Promod Khanna, Tim Mathews, and Prabal Khanna. It has created a multi-lender platform for banks and NBFCs to facilitate sustainable lending at reasonable scales. The Kerala government’s focal agency for entrepreneurship development and incubation initiatives is KSUM.
