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Barclays and Nimbla to offer single invoice insurance to SME clients

Ian Rand, CEO of Barclays Business Banking

Barclays has announced a partnership with single invoice insurance provider Nimbla in a bid to enable its SME clients to take out insurance against individual invoices and not the whole book. Nimbla states that its solution enables customers to insure a single invoice from a minimum amount of £6 as against insuring a whole book which costs around £5,000.

Flemming Bengtsen, Founder & CEO of Nimbla said, “We are excited to be working with Barclays to introduce Nimbla to their customers. We are focused on helping SMEs grow as well as protecting their business. Barclays recognises that we are offering their customers the tools to take on risk, safe in the knowledge they will be paid.”

According to Barclays, it will introduce the product to its SME customers in the North East, Cumbria, South East London and Kent and it is aiming for a full roll-out later in the year. The single invoice insurance product has been made available to High Growth clients for facilitating business expansion.

Ian Rand, CEO of Barclays Business Banking said, “It’s great to be working even more closely with Nimbla, one of the entrepreneurial success stories of our Barclays Techstars Fintech accelerator programme. 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.”

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