Insurance focused fintech platform Finsall has raised Rs 12 crore or $1.6 million in a pre-Series A round from its existing backers such as Unicorn India Ventures and SEA Fund along with a clutch of other investors.
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 Indian insurance premium financing market. The Company will also be looking to enter into lending partnerships with top banks and NBFCs, it said in a press release.
Founded by Promod Khanna, Tim Mathews and Prabal Khanna, 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.
The Bengaluru-based platform connects customers, insurance intermediaries, insurance companies, banks, and NBFCs with a focus on increasing insurance penetration in India. Finsall was a part of the IRDA Sandbox and is incubated by NASSCOM and Kerala Startup Mission (KSUM).