Finsall, a Fintech platform focused on insurance, has secured Rs 12 crore in a Pre-Series A round from current backers Unicorn India Ventures and SEA Fund, as well as a number of new investors.
This is UIV’s second round of funding, and the firm is well-known for spotting high-potential fintech businesses such as Open Bank and SmartCoin.
Finsall intends to use the additional money to expand its technology platform and recruit new insurance partners in order to grow its market share in the Indian insurance premium financing sector. The company will also attempt to form loan arrangements with major banks and non-bank financial institutions.
Anil Joshi, Managing Partner, Unicorn India Ventures, said, “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% 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, “We invested in Finsall when it was in the early stages of development of its technology platform and the team was developing a product-market fit. The founding team had a great mix of young and experienced founders and was working on a unique strategy to address a perennial problem in Insurance in India. 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.”
