Nimbla attracts £5.1m investment as embedded insurance takes off

By Joy Dumasia

Nimbla has announced a £5.1m funding round led by Silicon Valley venture fund Fin VC with participation from Barclays Bank. The funding comes as Nimbla seeks to scale its operations with increased demand from embedded credit risk solutions through its API with banks and alternative lending platforms.

Founded in 2016, the Nimbla platform has given businesses the confidence to trade with peace of mind using invoice insurance with quotes provided within seconds. Their proprietary digital automated credit risk platform can process requests immediately and provide real-time quotes. Nimbla has processed over 67m invoices worth £2.5b. During the pandemic, volumes of invoices tripled as economic uncertainty and supply chain concerns increased, and Nimbla continued writing new business.

Nimbla has worked directly with businesses and brokers to provide invoice insurance cover. It has recently launched a new API for Banks, FinTech lenders and B2B platforms to enable more businesses to access the service. Nimbla partnered with Barclays Bank in 2020 to give their one million small business customers the ability to take out insurance against individual invoices rather than the whole book.

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’s digital insurance platform, backed by expert risk analysts, allows businesses to check a buyer’s ability to pay and insure individual invoices against non-payment in a fast and affordable way.