Barclays boosts SME offering through new partnership with invoice insurance platform Nimbla

Single invoice insurer Nimbla has signed a deal with UK high street bank Barclays to provide its SME customers with the option to take out insurance against individual invoices for as little as £6.

That is compared to insuring a whole book which typically starts at around £5,000.

This is not the first time the two has collaborated as Nimbla is one of the graduates of Barclays accelerator. The InsurTech startup was one of the ventures chosen for the 2018 batch.

Flemming Bengtsen, founder and CEO of Nimbla, said, “We are excited to be working with Barclays to introduce Nimbla to their customers. All too often it is SMEs that feel the pain when other businesses fold. They are least equipped to absorb the losses and don’t have access to the tools that larger corporates do.

“Nimbla however, is as much about the opportunity as the risk. We are focused on helping SMEs grow as well as protecting their business. A survey by Barclaycard suggested 58% of smaller businesses turn away new business as they did not feel comfortable offering credit terms. That is holding them back.

“Barclays recognises that we are offering their customers the tools to take on risk, safe in the knowledge they will be paid.”

Ian Rand, CEO of Barclays Business Banking, said, “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.

“It’s great to be working even more closely with Nimbla, one of the entrepreneurial success stories of our Barclays Techstars Fintech accelerator programme.

“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.

“Traditionally, trade credit insurance requires businesses to insure their entire book, but this can be very complex, expensive and inflexible, therefore making it unsuitable for SMEs.

“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.”

The news comes three months after Nimbla was added to challenger bank Starling Bank’s SME marketplace.

Copyright © 2020 FinTech Global

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