Starling Bank has partnered with insolvency insurer Nimbla. The digital insurance platform is designed to protect small and medium-sized enterprises (SMEs) against customers which go out of business.

As a result of the partnership, Starling business customers can protect themselves from financial losses caused by bankrupt clients, by accessing Nimbla through the bank’s in-app marketplace.

Once onboard with Nimbla, customers will have access to its free credit-checking tool, allowing them to better assess the financial risks of working with new business partners.

Flemming Bengtsen, chief executive of Nimbla, added: “Hard-working SMEs deserve access to affordable, fast and flexible protection that will help them expand into new and existing markets, secure invoice funding and safeguard against insolvent customers.”

Utilising Open Banking Application Programming Interfaces (APIs), Nimbla integrates with accounting software packages including Xero and FreeAgent, both of which are also marketplace partners.

Anne Boden, founder and chief executive of Starling Bank, said: “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.”

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