Technology-based investment and insurance platforms are attracting funding from angel investors and venture capitalist firms. Two such platforms — online wealth manager and mutual fund distributor Scripbox and insurance-focused fintech startup Finsall — have raised funding recently.
Scripbox raised $21 million (around Rs. 156 crore) in Series D round led by Accel Partners. Other investors include Transpose Platform, DMI Alternative Investment Fund through The Sparkle Fund, InnoVen Capital, Trifecta Capital, KPB Family Trust, LetsVenture, Kube VC, and YY Capital LLC, as well as angel investors like MakeMyTrip founder Deep Kalra, Freshworks CTO Shanmugam Krishnasamy, and Dell Technologies India MD Alok Ohrie.
The Bengaluru-based company said, "The funds will be used for expanded product roll-outs, brand building and customer acquisition and the MFD partnership strategy".
Founded in 2012, the Scripbox uses algorithm to provide a full stack of wealth management solutions to investors. It manages AUM of Rs. 5,000 crore.
Finsall raises Rs. 12 crore
Insurance focused Fintech platform Finsall has raised Rs 12 crore in a Pre Series A round from its existing investors – Unicorn India Ventures and SEA Fund – along with a clutch of other investors.
Finsall offers loans to people to pay insurance premium. They work with insurance agents to reach out to people for insurance financing.
The startup said it would use the fresh funds to scale its technology platform and empanel new insurance distributors to grow business.
