Barclays Bank has formed a commercial partnership with fintech accelerator graduate Nimbla, which gives SME clients the ability to take out insurance against individual invoices, rather than the whole book.
With Nimbla, customers can insure a single invoice from as little as £6 in just a few minutes, compared to insuring a whole book which typically starts at around £5,000 and can take days or weeks to finalise. Barclays says it will roll out the system to its one million SME clients.
As part of the partnership, Barclays’ relationship managers will be introducing the product to their SME clients in the North East, Cumbria, South East London and Kent, before a full roll-out later in the year. The product is available nationally to High Growth clients looking to scale their business quickly.
Nimbla graduated from the Barclays Accelerator in 2018.
Ian Rand, CEO of Barclays Business Banking says: “Working with industry disruptors is key to our strategy going forward as we look to innovate and provide the very best products on the market to our one million small business customers.
“Confidence is the key to business growth, and single invoice insurance will give our SME clients who may have a small number of large invoices critical to their growth, the peace of mind that whatever may happen they will be paid for their services.
“Our UK-wide network of relationship managers will be introducing our clients to Nimbla over the next few months, and we look forward to seeing how the pilot progresses.”