Fintech startup BimaPay raises $2M led by LC Nueva Investment Partners through LC Nueva AIF

BimaPay, a fintech startup under the Mufin Group, has recently secured $2 million in funding to propel its growth and technological advancements.

The funding round was led by LC Nueva Investment Partners via LC Nueva AIF, a collaboration between Singapore's Lighthouse Canton and Delhi-based Nueva Capital.

This India-domiciled Category II AIF Fund is equipped with a Rs 350 crore corpus dedicated to investing in early-stage tech-enabled businesses.

What is the purpose of fundraising?

With the fresh capital, BimaPay plans to expand its operations significantly and enhance its technological infrastructure. This includes strengthening its partnership distribution network and increasing its presence in underserved markets, thereby fostering greater financial inclusion.

Hanut Mehta, co-founder of BimaPay, emphasized that the funding "validates our vision and fuels our determination to revolutionize the insurance industry through innovation and technology."

What does BimaPay do?

BimaPay facilitates digital lending with a seamless, real-time process that requires no manual intervention. From onboarding and KYC to contract signing and disbursement, BimaPay boasts a rapid turnaround time, completing the entire process in just eight minutes.

The platform is particularly noted for its insurance premium financing options, which offer flexible payment solutions to enhance affordability and manageability for customers.

Expanding access to insurance

One of BimaPay’s key offerings includes developing unique financing solutions for hospitals, garages, and individual policyholders, bridging the gap between claim approval and disbursement.

This service is crucial in ensuring that policyholders do not bear the financial burden during this interim period, thereby promoting a more inclusive and sustainable insurance ecosystem.