Greenlight Re Innovations invests in trade credit InsurTech Nimbla
Greenlight Re’s innovations unit has invested an undisclosed amount in trade credit InsurTech Nimbla in the 13th strategic investment made by the three-year-old division.
London-based Nimbla will use the funding to widen its geographic reach and develop new products and distribution methods.
The business provides flexible cover to SMEs via its online platform, which allows businesses to check buyers’ ability to pay invoices. Businesses can then insure individual invoices against non-payment quickly and cheaply.
The InsurTech expanded its coverage to cover select European countries earlier this year, including Ireland, Germany, France, Belgium, Portugal, the Netherlands, Luxembourg and Switzerland.
Crunchbase lists its investors as including MS&AD Ventures and Techstars. The business has also secured capacity from QBE, following the end of its alliance with Great Lakes Insurance.
Greenlight Re CEO Simon Burton said: “In the current challenging economic environment, trade credit insurance offers valuable protection to businesses. The traditional trade credit underwriting process is cumbersome and Nimbla’s technology has introduced a new level of pricing speed and accuracy to trade credit insurance.”
Greenlight Re Innovations was launched in 2018, with investments including Australian claims platform Handdii, personal lines digital MGA Cove and travel insurance company Battleface.