By Oliver Smith on Thursday 10 October 2019
Lowering the risk of running a small business with invoice insurance.
Running a small business isn’t easy at the best of times, but a client going bust with money owed can often lead to ruin.
Starling Bank has added Nimbla, a digital insurance provider, to its SME marketplace to ensure that’s never the case.
Through Nimbla Starling business customers can hedge against the threat of unpaid invoices by purchasing insurance that covers either single or multiple invoices.
“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,” said Starling CEO and Founder Anne Boden.
“Nimbla is an excellent addition to our Marketplace that I’m proud to welcome into the fold.”
As well as insurance, Nimbla also offers a free credit-checking tool to help customers rate the financial risks of working with a new business partner or client.
Nimbla’s customers are already saving themselves money, like one small London-based designer who insured a £30,000 invoice to luxury high street brand LK Bennett, which collapsed into administration in March 2019. The designer was able to recoup 90% of the money owed.
“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,” said Nimbla’s CEO Flemming Bengtsen.
In recent months Starling has been bolstering its marketplace of third-party financial services for SMEs, largely due to Starling's commitment to reach 48 providers as part of its £100m grant from the Banking Competition Remedies fund.
Flexible working capital provider Growth Street, accountancy software providers Xero and FreeAgent, insurance provider Digital Risks and cybersecurity accreditation group CyberSmart have all been added in recent months.