Specialist MGA, Nimbla – the unique digital insurance platform which uses algorithmic analysis to deliver real time insurance protection of B2B customer trade credit – has today launched an innovative one-of-a-kind policy. Designed to protect businesses against the risk of non-payment, Nimbla Sync can be embedded into existing cloud accounting software and can help businesses to assess risk, get paid faster all while protecting trading relationships.
Nimbla Sync launches at a time when the number of registered UK company insolvencies is ever-growing, with a YOY increase of 17% since February 2022. This is coupled with the knowledge that as of October 2022, half of the invoices issued by UK small businesses were paid, on average 8.2 days late. This brings to the forefront the increasingly precarious position UK SMEs find themselves placed in, and clearly demonstrates the need for even more support to prevent future company failures.
Nimbla Sync is suitable for businesses who need to monitor real-time customer risk insights to help grow sales, secure cashflow finance, and reduce credit risk problems and bad debts. The unique technology pulls data points from a number of sources including Wiserfunding – an end-to-end credit lifecycle platform. Using data, leading algorithms and real-time market trends, a score is then given to each invoice – giving SMEs a clear picture of the likelihood of whether individual invoices will be paid on-time or are likely to default.
Taking it one step further, Nimbla Sync then insures SMEs against non-payment in a fast, affordable way. With protracted default, SMEs can make a claim before insolvency – whilst protecting trading relationships. All ensuring the funding and steady cash flow is available to avoid panic mode and – potentially – insolvency.
CEO of Nimbla, Elizabeth Jenkin, comments, “We understand the challenges small businesses face in maintaining profitability and increasing revenue. We are also aware of the lack of affordable and – crucially – simple to use tools out there to help protect those businesses from interrupted cash flow and enable them to feel at ease. We want to be the solution and a go-to tool to help SMEs not just maintain but thrive – supporting them every step of the way. For us, Nimbla Sync is a positive means of helping small businesses steer away from potential insolvency issues.”
Nimbla provides cash flow protection for companies who are looking for ways to successfully navigate the current economic climate. They can protect invoices against non-payment to ensure cash flow is sustainable.
