Insurance-first BNPL insurtech Finsall has raised INR15 crore ($1.8m) in a funding round led by Unicorn India Ventures and Seafund.

The funding will be used for establishing an NBFC to scale Finsall lending operations and deliver value to customers in insurance premium financing.

In addition, funds will be allocated to tech enhancement with the goal of developing intuitive user-friendly interfaces for a seamless digital experience.

Furthermore, some capital will be put towards developing more strategic partners with insurers, intermediaries, and lenders.

Tim Mathews, co-Founder and CEO, 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.”

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Anil Joshi, managing partner, Unicorn India Ventures, added: “Insurance premium financing remains a nascent sector but in the last two years, specially post covid, there is a strong customer acceptance of this model. Insurance providers to the end users are now comfortable with an option to use credit for financing insurance premiums. Given that insurance penetration in the country is still at 1%, the market opportunity is huge and we believe Finsall has built the right momentum to capitalise on this segment.”

This week, Anterior, a start-up leveraging AI to streamline health insurance approvals for medical procedures, also received funding. It received $20m in a Series A funding round, reported TechCrunch, citing sources.