InsurTech startup Nimbla has raised £5.1 million funding led by Silicon Valley venture fund Fin VC with participation from Barclays Bank.
The London company, which was sixth on our recent InsurTech 50 ranking, provides invoice insurance and is seeking to scale its embedded credit risk operations with its recently launched API for banks and alternative lending platforms.
Founded in 2016, the Nimbla platform provides a quote within seconds and is able to process requests immediately through automation.
To date it has processed more than 67m invoices worth £2.5 billion. During the pandemic, volumes of invoices tripled as economic uncertainty and supply chain concerns increased and Nimbla continued writing new business.
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“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,” said Flemming Bengtsen, CEO.
“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 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.
Henry Cashin, head of EMEA at Fin VC, commented: “Nimbla is giving businesses the confidence to trade again. They have a proven credit risk model and its tech is being adopted by top tier banks and a host of lending platforms.
“We believe this will scale their reach and help more businesses benefit long-term.”