Starling Bank’s SME marketplace just added Nimbla, a digital insurance provider, to protect the challenger bank’s customers from the woes of unpaid 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 Anna Boden, CEP and founder of Starling Bank, adding that she was “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.
This has been in the works for some time, with Starling Bank already announcing its plans to add Nimbla to its marketplace in November 2018.
“Small businesses have always been the backbone of the UK economy, but the big banks continue to underserve and overcharge them,” said Megan Caywood, chief platform officer at Starling Bank, at the time. “We want to change this, and today we’ve taken another big step in transforming the way small businesses can manage their finances.”
Starling Bank has been busy lately adding third-party financial services to its SME marketplace. For instance, in September it added InsurTech company Digital Risks and the cybersecurity firm CyberSmart to it.
Other third-party providers on it includes accountancy software providers Xero and FreeAgent.
The news comes after the mobile only-bank raised £60m in its Series C round in February 2019.
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