By Daniel Lanyon on Monday 27 January 2020
The banking giant says it will team up with invoice insurance provider Nimbla, to provide its one million SME customers with the new ability to take out insurance against individual invoices, rather than the whole book.
High street bank Barclays has launched a new fintech partnership with Nimbla allowing SME customers to insure individual invoices.
Nimbla, which was formerly part of Rise, Barclays’ FinTech accelerator, will help Barclays’ one million SME clients will have a new ability to take out insurance against individual invoices, rather than the whole book.
Customers can insure a single invoice from as little as £6, compared to insuring a whole book which typically starts at around £5,000. As part of the partnership, Barclays’ relationship managers will be introducing the product to their SME clients in the North East, Cumbria, South East London and Kent, before a full roll-out later in the year.
Ian Rand, CEO of Barclays Business Banking said: “Working with industry disruptors is key to our strategy going forward as we look to innovate and provide the very best products on the market to our one million small business customers.