Invoice insurance provider Nimbla has teamed up with SME credit risk assessment platform, Wiserfunding, to assist with the availability and pricing of commercial credit insurance.
This support SMEs to continue trading, especially since the number of UK SMEs in significant financial distress has reached over 500,000 due to COVID-19. The partnership has been announced following research from the British Chamber of Commerce showing that the majority of SMEs have just three months or fewer of cash reserves to keep them afloat.
Nimbla protects SMEs against insolvent customers with trade credit insurance on a per-invoice basis. The fintech’s invoice insurance allows businesses to review the risk rating of each invoice and insure them individually. If a customer becomes insolvent and an invoice goes unpaid, Nimbla will replace the money that has been lost.
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