Finsall primarily operates as an “insurance-first” buy now, pay later (BNPL) fintech firm, which has led the market in India. The company has experienced consistent growth expanding to over 8,000 locations in India. The growth is also reflected in terms of revenue, where there has been a nine-fold increase in the past two years.
The funds will be used to establish a non-banking financial company, which seeks to scale the company’s lending capacities. This move is intended to boost their capabilities in insurance premium financing, extending their offerings in the financial sector. Finsall also intends to develop a user-friendly “Credit as a Service Platform” enhancing the digital experience. Additionally, the capital will be used to strengthen partnership development.
Tim Mathews, Co-Founder and CEO of Finsall, said, “This interim bridge round will help us focus on scaling our books and taking a huge leap forward in creating an NBFC in the insurance premium financing industry. Building a category is no easy task, especially in the lending and insurance space.
“We are glad that we have a great core team and long-term investors in Unicorn India Ventures and Seafund who believe in the vision that we are building at Finsall. We have several financial inclusion and lending solutions that will make a difference for those who wish to protect themselves, their assets, and their loved ones. We aim to build on domestic success stories and examine if our products make global sense,” Matthews added.
