Startup of the Week - Nimbla
by Startacus Admin
Startup or SME? InsurTech startup Nimbla has been created just for you and is on a mission to provide smart cover for small business
As any business owner will vouch for, the issue of credit control is a major challenge. Chasing payments is not only time-consuming but it’s also often unsuccessful. Whilst this is an issue for all businesses, it is even more of an issue for small businesses since the impact of non payment is much greater. In fact it’s actually estimated that the UK’s SMEs have to write off almost £6 billion in bad debt annually - a huge sum by any standards!Having recognised this as a problem that needs to be addressed, our latest startup of the week have created a solution.
Nimbla is an InsurTech startup which is on a mission to provide “smart cover for small business” and thereby help ensure that they get paid.
The Nimbla platform enables users to check the risk of non-payment on any invoices and insure the ones which may cause some worry. The risk of a client’s potential non-payment is assessed in real time, thereby ensuring that the risk factor is entirely accurate and up to date. Whether the invoice is for £10 or £200k, it can be insured in a matter of minutes. What is also particularly good is that Nimbla integrates with most leading accounting packages so the entire invoice management process is seamless.
With their Single Invoice cover solution, Nimbla provide protection from customer bankruptcy and insolvency as well as regular debt collection. Their service is also much more affordable to a small business owner than traditional Trade Credit Insurance.
In essence, Nimbla is providing a service which makes small businesses so much less vulnerable to bad debt and that can only be a good thing. Wouldn’t you agree?
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Published on: 17th April 2019
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