Challenger bank Starling has partnered with InsurTech firm Nimbla to offer businesses protection against insolvent customers.
As a result of the partnership, Starling business customers can now protect themselves from financial losses caused by bankrupt clients through Starling’s in-app Marketplace.
Customers of both Nimbla and Stariling will gain access to its free credit-checking tool, allowing them to assess the financial risk and insure invoices for up to 90 per cent of their value.
Nimbla is the latest in series of partnership which make up Starling’s in-app marketplace, which uses Open Banking APIs to connect financial products and services.
The marketplace already includes credit score platform CreditLadder and household bills management service Onedox.
Anne Boden, founder and CEO of Starling Bank said: “We are building a new kind of business bank which goes the extra mile for customers and our Marketplace partners are an essential ingredient to this.
“Just like Starling, Nimbla is a great example of a business that is disrupting an old industry model to create products that are relevant to the way we do business today. Nimbla is an excellent addition to our Marketplace that I’m proud to welcome into the fold.”
Flemming Bengtsen, CEO of Nimbla, added: “Starling is making fantastic strides in the world of business banking and we are very excited to become part of their Marketplace.
“Hard-working SMEs deserve access to affordable, fast and flexible protection that will help them expand into new and existing markets, secure invoice funding and safeguard against insolvent customers.”