Fintech insurance startup Nimbla raises £5.1m
by Startacus Admin
London-based startup Nimbla secures investment to support scaling of its innovative invoice insurance business
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It’s a good start to the month for London-based fintech startup Nimbla with the announcement of a £5.1m funding round led by Silicon Valley venture fund Fin VC with participation from Barclays Bank.
Founded in 2016, the Nimbla platform enables businesses to trade with a peace of mind using invoice insurance with quotes provided within seconds. To date, Nimbla has processed over 67m invoices worth £2.5bn and despite the recent economic uncertainty caused by the pandemic and supply chain concerns, it has continued to write new business. This latest investment will enable the company to further scale its operations.
Flemming Bengtsen, CEO at Nimbla commented: “We have been growing steadily over the past few years, ramping up our technology and team to better understand businesses, the nature of B2B debt and to make faster decisions to serve our growing customer base. 2020 was a seminal year for Nimbla, at a time of global crisis, we were there for businesses enabling them to trade with a peace of mind and giving them confidence to carry on. 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 also been working 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.
Flemming added: “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.”
With UK company debt levels hitting £6.6tn this year and with many UK businesses carrying ‘toxic debt’ that may never be repaid, there is huge potential for Nimbla to help provide companies with a peace of mind and insure their invoices against insolvencies.
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Published on: 3rd November 2021
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