Fintech Startup Bimapay Secures $2 Mn in Funding from LC Nueva Investment Partners

BimaPay is a lending service provider that helps customers access insurance by providing flexible payment options for insurance premiums. Their USP is the ability to do the entire process digitally in 7-8 minutes, including customer onboarding, KYC, credit check, e-mandate setup, loan contract signing, and disbursements. They aim to help increase insurance penetration in India by providing this service to customers and expanding the customer base for their partners (brokers, agents, and POSPs).

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BimaPay, a fintech startup within the Mufin Group, has recently raised $2 million to boost its growth and tech innovations. LC Nueva Investment Partners, through LC Nueva AIF, led this funding round. This fund is a joint venture between Singapore’s Lighthouse Canton and Delhi’s Nueva Capital. The India-based Category II AIF Fund has a pool of Rs 350 crore to invest in early-stage tech-driven companies.

With the new funding, BimaPay aims to greatly expand its operations and upgrade its technology. This effort includes building a stronger network of partners and reaching more underserved markets to promote financial inclusion. Hanut Mehta, co-founder of BimaPay, highlighted that the investment “confirms our vision and drives our commitment to transforming the insurance industry with innovation and technology.”

BimaPay makes digital lending easy and instant, handling everything automatically. From onboarding and KYC to signing contracts and disbursing funds, BimaPay completes the whole process in just eight minutes. One of its standout features is insurance premium financing, which provides flexible payment options to make insurance more affordable and manageable for customers.

BimaPay specializes in creating custom financing options for hospitals, garages, and individual policyholders, helping to cover the time between claim approval and payment. This essential service prevents policyholders from facing financial strain during the waiting period, fostering a more inclusive and sustainable insurance environment.

BimaPay, a fintech startup within the Mufin Group, has secured $2 million in funding from LC Nueva Investment Partners to boost its growth and technological innovations. With this investment, the company aims to expand its operations, build stronger partner networks, and reach underserved markets to promote financial inclusion. BimaPay offers a streamlined digital lending platform that can complete the entire process, from onboarding to disbursing funds, in just 8 minutes. Its standout feature is insurance premium financing, which provides flexible payment options to make insurance more affordable. By specializing in custom financing solutions, BimaPay helps prevent policyholders from facing financial strain during the waiting period between claim approval and payment, fostering a more inclusive and sustainable insurance environment.