Invoice insurance startup Nimbla has attracted £5.1 million in funding from Silicon Valley's FIN VC with participation from Barclays Bank.
Founded in 2016, Nimbla’s digital insurance platform allows businesses to check a buyer’s ability to pay and insures individual invoices against non-payment with real-time quotes.
Since inception, the company has processed over 67m invoices worth £2.5b, with demand tripling during the pandemic as economic uncertainty and supply chain concerns increased.
Flemming Bengtsen, Nimbla CEO comments: “UK companies have added £1.9tn debt in 2020 to their balance sheets, taking the total amount outstanding to over £6.6tn. This number was 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”.
Nimbla has worked directly with businesses and brokers to provide invoice insurance cover and more recently has launched a new API for banks, fintech lenders and B2B platforms to enable more business to access the service. Nimbla partnered with Barclays Bank in 2020 to give its one million small business customers the ability to take out insurance against individual invoices, rather than the whole book.
Flemming Bengtsen, CEO at Nimbla says: “2020 was 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.”