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BimaPay Nets $2 Mn To Offer Tech-Based Insurance Solutions

Inc42 · 1y

Insurtech startup BimaPay has raised $2 million in a funding round led by LC Nueva Investment Partners. The funds will be used to expand the startup's presence in the financial inclusion and insurance space through the use of technology. BimaPay offers digital lending solutions, including insurance premium financing, to increase affordability and accessibility in the insurance sector. The startup aims to penetrate underserved markets and promote insurance penetration in India. The insurtech market in India is projected to reach over $304 billion by 2030, according to a report by Inc42.