Insurance-first BNPL startup Finsall has raised Rs 15 crore ($1.8 million) in a bridge round led by Unicorn India Ventures and Seafund with additional involvement from other institutional investors.
In January 2022, Unicorn India Ventures and Seafund had led Rs 12 crore ($1.45 million) pre Series A round in Finsall.
The proceeds will be used for setting up an NBFC to scale lending operations and deliver more value to its customers in insurance premium financing, the company said in a press release.
Finsall has launched credit as a service (CaaS) platform, which is a plug and play model designed to help its customers benefit by simply choosing the insurance products they need to offer credit for without the complexity of building separate credit or lending software systems.
Finsall claims to have seen a 9X revenue growth over the last two years. The firm is serving customers across 8,000 locations in India and has seen major growth in the non-life insurance segments.
In FY24, Finsall grew at an average M-O-M growth rate of 18% in insurance premiums. As per the company, it is on track to achieve a 4X increase in revenue for the fiscal year 2025.
