Insurtech Nimbla Raises £5.1 Million to Boost Embedded Insurance Service

Nimbla, an Insurtech startup, has announced a £5.1 million funding round led by Silicon Valley venture fund Fin VC with participation from Barclays Bank.

Nimbla states that the funding will help it scale its operations with increased demand from embedded credit risk solutions through its API with banks and alternative lending platforms.

Nimbla’s insurance platform enables businesses to check a buyer’s ability to pay and insure individual invoices against non-payment. A quote is said to be available within seconds.

Their credit risk platform is said to be able to process requests immediately and to date, it has processed over 67 million invoices worth £2.5 billion. Growth has benefitted from the COVID pandemic.

Flemming Bengtsen, CEO at Nimbla, said they have been growing steadily over the past few years with 2020 being a seminal year for Nimbla:

“This funding round will enable us to expand our platform, grow the team as we enable a confident and trusted trading environment for businesses across the UK and beyond”.

Nimbla has recently launched a new API for Banks, Fintech lenders, and B2B platforms to enable more businesses to access the service.

Nimbla partnered with Barclays Bank in 2020 to give their small business customers the ability to take out insurance against individual invoices, rather than the whole book.

“We have built a powerful and robust credit risk model, automated large parts of the process and have now launched a new API to enable others to embed seamless credit risk solutions into their platforms,” added Bengtsen.

Bengtsen said that UK companies have added £1.9 trillion in debt during 2020 to their balance sheets, taking the total amount outstanding to over £6.6 trillion, an amount inflated by the various government loan schemes.

“Over half of them are carrying ‘toxic debts’ which carries enormous risk for their trade creditors, there is a huge opportunity and responsibility for Nimbla to give companies a peace of mind and insure their invoices against insolvencies.”


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