The partnership is a result of the launch of the FinTech task force Innovate Finance, which took place in March, the report said.
The task force was looking to “offer an origination and underwriting platform that will allow banks, alternative lending platforms and private debt lenders to digitally allocate funding to businesses during the global coronavirus (COVID-19) outbreak,” according to the report.
“SMEs can become vulnerable overnight if their customers become insolvent, and this risk is exacerbated by the challenging economic conditions that COVID-19 has created,” Flemming Bengtsen, CEO at Nimbla, said.
Bengtsen said Nimbla is integrating Wiserfunding into its platform in order to enhance its risk management and to “enable quicker and more accurate insurance decisions, reducing the risk of defaults.”
“Nimbla’s mission aligns with Wiserfunding’s in ensuring that credit and insurance are delivered to the right SMEs at the right price,” Gabriele Sabato, co-founder at Wiserfunding, said.
Sabato also said that the industry “could be in a better position to offer assistance to the U.K.’s SMEs if they combine the various innovations from the FinTech space, insurance and risk management sectors.”
Founded in 2016 by Bengtsen, Nimbla is “dedicated to providing small and medium-sized U.K. businesses with dynamic invoice insurance,” according to Crunchbase.
Starling Bank said in October that it was planning a collaboration with Nimbla.