UK-based digital bank Starling teamed up with Nimbla, a digital insurance platform, in order to provide its 65,000 small business clients the ability to protect themselves from potential financial damages resulting from bankrupt customers.
Starling’s business customers can avoid financial losses by acquiring insurance coverage for single or multiple invoices, after creating a free Nimbla account through the Starling Marketplace.
After users have opened an account with Nimbla, they will have access to the platform’s free credit-checking tool, which allows them to assess the financial risks involved with working with new business clients.
Starling CEO Anne Boden stated:
“Just like Starling, Nimbla is a great example of a business that is disrupting an old industry model to create products that are relevant to the way we do business today. Nimbla is an excellent addition to our Marketplace that I’m proud to welcome into the fold.”
London-based Starling Bank launched its new online business banking app last month. The app allows its business customers to manage their funds more efficiently.
Starling Bank also offers a debit card that helps users to manage their finances.
The bank’s product launch follows its promise to provide a secure and reliable online banking experience, after receiving a £100 million (appr. $124 million) grant from the Capabilities and Innovation Fund.