Insuretech Startup Finsall Raises INR 2.4 Cr In Seed Round Led By Unicorn India Ventures
The funds raised will be used for team expansion, scaling up the technology platform, on-boarding insurance companies, intermediaries, and lenders
Bengaluru-based insuretech startup Finsall announced on Tuesday to have raised INR 2.4 crore in a seed round from Unicorn India Ventures. The round also saw participation from SEA Fund, SupplyAI and Tirumala Gudla.
With the funds raised, the company plans to expand and strengthen its presence in tier I cities and venture into tier II cities across India where they see a market and demand for their services.
The platform connects customers, insurance intermediaries, insurance companies, banks, and NBFCs with a focus on increasing insurance penetration in India.
“Our vision behind Finsall was to ensure that under-insured and un-insured customers get access to funds for buying insurance. This vision was deep-rooted because of the ground realities that we encountered across the length and breadth of India, during the prelaunch surveys and roadshows conducted by us,” said Tim Mathews, co-founder, and chief executive officer, Finsall. “We have witnessed a significant rise in the number of people who take insurance from our insurance partners because of the financial support they get from our lending partners. We continue to engage synergistically with our partners to ensure that we are able to find win-win solutions.”
The startup aims to make insurance accessible and affordable to individuals, households, and enterprises.
With a view to encouraging the purchase of insurance policies by those who cannot pay insurance premiums upfront and require installment support, the startup has tied up with banks and NBFCs that provide loans to such customers. The company has also partnered with insurance companies to make financing of insurance premium a seamless experience for all the stakeholders mainly the customers.
“Finsall’s business idea is really the first of its kind. We have been working closely with the founding team from their early days. While they understand the product, we have been guiding them on the business and revenue generation. Finsall is leading insuretech innovations and is offering support on a critical element in the insurance journey. Their approach and ease of product design prompted us to invest in the company,” shared Anil Joshi, managing partner, Unicorn India Ventures.
Its goal is to provide access to funding for any customer who wants to purchase any type of general insurance policy. The journey begins when a customer approaches an insurance intermediary for buying a policy. If he is unable to pay the premium upfront, the insurance intermediary on-boards him on the Finsall platform via the company app. Finsall’s proprietary technology platform assesses the risk profile of the customer and offers monthly financing options.
“Insuretech is an emerging sector for us and Finsall is our second investment in this space. While leveraging tech can deliver highly impactful results thereby making the customer experience better and provide insurance players with better underwriting algorithms. Finsall’s approach of helping customers meet their premium payment obligation is an innovative approach as it addresses the starting point of the policy seeker insurance journey. We believe there is a need to look at the insurance sector from multiple lenses and use tech to help the sector grow,” added Manoj Agarwal, managing partner, SEA Fund.
Finsall is also a part of the IRDA Sandbox and is incubated by NASSCOM and Kerala Startup Mission (KSUM).