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.
Wiserfunding, the latest venture from the founder of the Z-Score credit risk model, Edward Altman, enables to assess the credit profile of SMEs by analysing data. Building on the Z-Score model, the industry standard for over 50 years, Wiserfunding uses artificial intelligence to assess intangible factors such as corporate governance, management capacity, and macroeconomic outlook.The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
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