Nimbla, a digital business insurance startup, has collected £5.1m in its latest funding round.
The round was led by Fin VC, a Silicon Valley-based venture capital firm, with participation also coming from Barclays Bank.
This investment comes as Nimbla is looking to scale its operations to meet the rising demand for embedded credit risk solutions.
Founded in 2016, the InsurTech company is designed to help businesses trade with the peace of mind using invoice insurance with quotes provided within seconds. The platform boasts digital automated credit risk services that help process requests immediately and provide real-time quotes.
It has processed more than 67 million invoices, worth a total of £2.6bn. Nimbla stated that during the pandemic the volumes of invoices tripled as economic uncertainty and supply chain concerns increased.
Nimbla CEO Flemming Bengtsen said, “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”.
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