FinTech business insurance startup Nimbla raised 5.1 million pounds ($6.96 million) in a funding round led by Silicon Valley venture fund Fin VC, with participation from Barclays Bank, according to a report from UKTN.

The fresh capital will be put towards scaling “its operations with increased demand from embedded credit risk solutions through its API with banks and alternative lending platforms.”

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Founded in 2016 and headquartered in London, the Nimbla platform offers invoice insurance with real-time quotes, with a proprietary digital automated credit risk platform that can instantly forward requests.

Nimbla has so far processed more than 67 million invoices worth 2.5 billion pounds ($3.4 billion), with a surge in business during the pandemic that saw invoice volumes triple.

“We have been growing steadily over the past few years, ramping up our technology and team to better understand businesses, the nature of B2B debt and to make faster decisions to serve our growing customer base,” said Flemming Bengtsen, CEO at Nimbla.

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He added that the funding round would help the company expand its platform and team “as we enable a confident and trusted trading environment for businesses across the U.K. and beyond.”

Nimbla has worked directly with businesses and brokers to provide invoice insurance cover, and more recently has launched a new API for Banks, FinTech lenders and B2B platforms to enable more business to access the service. Nimbla partnered with Barclays Bank in 2020 to give their one million small business customers the ability to take out insurance against individual invoices, rather than the whole book.

“We have built a powerful and robust credit risk model, automated large parts of the process and have now launched a new API to enable others to embed seamless credit risk solutions into their platforms,” said Bengtsen.

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