Hanut Mehta- CEO and Co Founder at Bimapay Finsure
BimaPay Finsure, a fintech company engaged in the facilitation of credit for insurance premium payments, will further expand its reach by entering into agreements with insurance companies, apart from offering finance for life insurance premium.
“We have already tied-up with six insurance companies, and agreements signed for three more players will go live soon, including both standalone and general health insurers,’‘ Hanut Mehta, CEO and Co Founder at Bimapay Finsure, told businessline.
The company will not finance directly but offers a payment facilitation as its revenue model involves the lender receiving interest from the customer and sharing a portion of it with Bimay Pay, which acts as a fintech platform managing the loan process on behalf of multiple Non-Banking Finance Companies (NBFCs).
BimaPay is a subsidiary of Muin Finance, a lending group holding five RBI licences, including three NBFCs, a peer-to-peer lending platform and a prepaid payment instrument licence. “We are backed by approximately 25 NBFCs and banks that lend to their group NBFCs, which are then used for end-customer financing,’‘ said Mehta.
BimaPay’s top line in FY24 was around ₹90 lakh, growing to ₹6.5 crore after raising funds in April and May. Its disbursements increased significantly to ₹600 crore, with premium financing accounting for ₹350 crore, and another lending product in the insurance ecosystem contributing ₹250 crore in FY25.
“About 70 per cent of our customers are from Tier, Tier 3 cities, comprising individuals with wages or business incomes who may not have access to credit cards or cheap bank credit. Bimay Pay offers them financing at around 18 per cent within the policy payment link, a more affordable option compared to informal loans or other digital lending platforms,’‘ said Mehta.
funds raised
BimaPay raised $2 million last year led by LC Nueva Investment Partners through LC Nueva AIF, a joint venture between Lighthouse Canton and Nueva Capital. “We are utilising this for scaling up, and still have funds from what we had raised so far,’‘ he said.
Last week, the fintech announced entry into the segment of corporate insurance premium financing. It also plans to enter the life insurance market soon. Currently, their financing is predominantly related to health cover premium.
Published on June 9, 2025