Insurance-first BNPL (Buy Now, Pay Later) startup Finsall has successfully raised Rs 15 crore (approximately $1.8 million) in a bridge funding round. This round was spearheaded by Unicorn India Ventures and Seafund, with additional participation from other institutional investors.
This investment follows a Rs 12 crore ($1.45 million) pre-Series A round in January 2022, also led by Unicorn India Ventures and Seafund.
The fresh capital will be utilized to establish a Non-Banking Financial Company (NBFC), aimed at scaling Finsall’s lending operations and enhancing value for its customers in the insurance premium financing sector, according to the company’s press release.
Finsall has introduced a Credit as a Service (CaaS) platform, a plug-and-play model that simplifies the process for customers to offer credit for insurance products. This platform eliminates the need for developing separate credit or lending software systems.
The company has reported significant growth, with a 9X increase in revenue over the past two years. Finsall is now serving customers in over 8,000 locations across India, experiencing substantial growth in the non-life insurance segments.
In the fiscal year 2024, Finsall achieved an average month-on-month growth rate of 18% in insurance premiums. The company projects a 4X revenue increase for the fiscal year 2025, underscoring its strong growth trajectory.
