Finsall, which is an insurance-focused fintech platform incubating under Kerala Startup Mission (KSUM), raised Rs 12 crore ($1.6 million) in a pre-Series A-round from its existing backers comprising Unicorn India Ventures and SEA Fund besides a clutch of investors. The funding meet was organised under the fund of funds scheme of the KSUM.
As a Bangalore-based entity connecting customers, insurance intermediaries, insurance companies, banks and NBFCs, Finsall chiefly serves a software that facilitates the easy payment of insurance premium in instalments. With a focus on increasing insurance penetration in the country, Finsall works to lessen the burden of common people in paying huge sums as instalments in one go.
Recently, Finsall, in a thanksgiving gesture recently, paid KSUM back Rs 6 lakh which the nodal agency had funded the 2018-launched company in its formative years. Top KSUM officials wished Finsall further growth in the future, expressing the hope that the company will reach newer heights.
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 to enable lending at affordable scales in a sustainable manner.
KSUM is the nodal agency of the Kerala government for entrepreneurship development and incubation activities in the state.