Barclays backs insurtech Nimbla
Insurtech app Nimbla has been the first commercial insurance app to be selected for Barclays’ London based accelerator.
Nimbla is a micro-insurance platform for SME's (small and medium-sized enterprises). It offers a “Single Invoice Insurance,” designed to help SMEs improve their cash flow and protect their business from bad debt. Nimbla sold out of Single Invoice Insurance policies within its time in the FCA Sandbox, proving demand for such a product. Nimbla aims to make cover flexible and transparent for the small business community.
“This is a huge recognition for the struggles that entrepreneurs face,” Ania Kubow of Nimbla, commented. “We noticed a gap in the market with small businesses being under-served and are honoured to be working with Barclays and Techstars to make cover more transparent and affordable. With more and more people going self-employed and eventually running their own business, the demand is self-evident. “
12 companies are chosen each year to participate in the three-month programme, accelerating their businesses and partnerships in the financial sector. Each start-up will also receive $120,000 in funding.
The move by Barclays follows that of many major companies investing heavily in the insurtech space such as Amazon.
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