Finsall Secures Funding for NBFC Launch and Revenue Growth

Finsall Cofounder
Preeti Bali / 7:43 am / June 13, 2024

Finsall, a prominent player in the insurance-first buy-now-pay-later (BNPL) space, has secured Rs 15 crore (approximately $1.8 million) in a bridge funding round. This round was led by existing investors Unicorn India Ventures and Seafund, with participation from additional institutional investors.

Building on Previous Investment

This subsidizing round follows Finsall’s fruitful pre-Series A series of Rs 12 crore ($1.45 million) in January 2022, which was likewise driven by Unicorn India Adventures and Seafund.

Funds to Fuel NBFC Establishment and Growth

The newly acquired capital will be directed towards establishing a non-banking financial company (NBFC). This strategic move aims to enhance Finsall’s lending operations and provide greater value to its customers, particularly in the area of insurance premium financing.

Simplifying Insurance Premium Payments with CaaS

Finsall has introduced a credit-as-a-service (CaaS) platform. This innovative solution operates on a plug-and-play model, allowing its clients to seamlessly offer credit for insurance products without the complexities of building their own credit or lending software systems.

Impressive Growth Trajectory

Finsall boasts a remarkable 9X increase in revenue over the past two years. The company currently caters to customers across 8,000 locations in India, witnessing significant growth within the non-life insurance segment.

Momentum Continues: Revenue and M-O-M Growth

Finsall’s prosperity reaches out past its general income development. The organization reports a noteworthy typical month-over-month (M-O-M) development pace of 18% in insurance payments during FY24. Moreover, Finsall projects a critical 4X income increment for the monetary year 2025.

Finsall’s most recent financing round positions them for proceeded with progress. The foundation of a NBFC, combined with their imaginative CaaS stage serious areas of strength for and development, highlights Finsall’s obligation to upsetting insurance payment supporting in India.

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