Bengaluru-based Insuretech startup Finsall has raised Rs 2.4 crore in seed round from Unicorn India Ventures. The round also saw participation from SEA Fund, Karthik Sridhar (CEO, SupplyAI) and Tirumala Gudla (Former 3M, Tech M).
Finsall platform is currently operational in the major metros across India. 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.
Finsall Co-founder & CEO Tim Mathews said, “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 road shows conducted by us.”
He added, “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.”
Finsall, an Inuretech startup incorporated in 2018 by Promod Khanna, Tim Mathews, and Prabal Khanna provides 360-degree support and service of insurance premium financing to Indian customers and aims to make insurance accessible and affordable to individuals, households and enterprises.
With a view to encourage purchase of insurance policies by those who cannot pay insurance premiums upfront and require installment support, Finsall 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.
Unicorn India Ventures Managing Partner Anil Joshi said, “Finsall’s business idea is really 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 insurtech 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.”
Finsall’s 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 assess the risk profile of the customer and offers monthly financing options.
SEA Fund Managing Partner Manoj Agarwal said, “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 policy seeker insurance journey. We believe there is a need to look at insurance sector from multiple lens and use tech to help the sector grow.”