Insuretech platform Finsall raises ₹12 crore in Pre Series A

NEW DELHI: Insurance focused fintech platform Finsall has raised ₹12 crore in a pre series A round from its existing investors--Unicorn India Ventures and SEA Fund--along with a clutch of others.

This is the second round of investment by Unicorn India Ventures, which is widely known for discovering high potential fintech companies like Open Bank and SmartCoin, according to a press release.

Finsall plans to use the fresh funds raised for scaling its technology platform, signing new insurance partners with an aim to increase its market share in the insurance premium financing market. The company will also be looking to enter into lending partnerships with top banks and non-banking financial companies (NBFCs).

“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," said Anil Joshi, managing partner, Unicorn India Ventures.

Finsall is an end-to-end technology process for insurance premium financing. It has built a multi lender platform for banks and NBFCs so that lending can be done at scale and in a sustainable manner.

“…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,” said Manoj Kumar Agarwal, managing partner, SEAFUND.

Finsall has financing for other insurance premium in addition to catering to retail customers in motor and health insurance. The company has now expanded to address the MSMEs’ need for premium financing, as per a press release.

India's general insurance market is pegged at ₹2 trillion. Finsall aims to be a market leader in this segment, providing insurance premium financing as the preferred payment option for under-insured and uninsured population in India.