Finsall, an Insurance-First BNPL startup, has secured INR 15 crore in a bridge funding round led by Unicorn India Ventures and Seafund, with additional support from other institutional investors. The funds will be used to establish an NBFC to expand lending operations in insurance premium financing and for technological enhancements to improve digital interfaces for stakeholders like insurance companies, brokers, agents, and financial partners including banks and NBFCs.

Tim Mathews, Co-Founder and CEO of Finsall, highlighted the funding's role in scaling operations and establishing an NBFC, acknowledging the challenges of pioneering in the lending and insurance sectors. He praised the support from the core team and long-term investors, emphasizing their innovative lending solutions aimed at protecting customers' assets and loved ones.

Anil Joshi, Managing Partner at Unicorn India Ventures, noted the post-COVID growth in consumer acceptance of credit for insurance premiums, with insurance penetration at just 1% in India, underscoring a significant market opportunity. Finsall has seen a ninefold revenue increase over two years, expanding its service to 8,000 locations across India and growing notably in non-life insurance.

Manoj Agarwal, Managing Partner at Seafund, remarked on the company's focus on improving customer retention, loan sizes, and financial asset quality, which has spurred substantial growth. Finsall aims to ensure widespread insurance coverage through its affordable and accessible Credit as a Service (CaaS) platform, simplifying credit provision for insurance products. The company is on track for a fourfold revenue increase in fiscal year 2024-25 and reported an 18% month-over-month growth rate in insurance premiums for the last fiscal year.