This week we have news from Nimbla and Collective Benefits about large investments coming their way to drive their growth. Make sure you don’t miss new exciting partnerships: Verto and ClearBank join forces in the cross-border payments sphere, while Atom Bank and Landbay make a deal in the mortgage lending market. To top it all off, we take a look at Klarna’s one-stop shopping app. Read on!

Weekly FinTech news digest: 2—8 November 2021

Nimbla attracts £5.1m investment as demand for embedded insurance rises

The funding round was led by the venture capital firm Fin VC

Nimbla, the invoice insurance company and one of our clients, closed a £5.1 million funding round led by Fin VC, a Silicon Valley venture capital firm, with participation from Barclays Bank. The investment will aid Nimbla’s plans to scale up its operations, including growing the platform and team. Apart from invoice insurance, Nimbla also allows SMEs to quickly check the credit rating of their customers for better cash flow security. The platform has processed more than 67 million invoices, worth a total of £2.6 billion. We congratulate Nimbla on the impressive funding round and wish the whole team good luck on your expansion plans!

Read more about Nimbla in our case study

Verto and ClearBank partner to serve SMEs with cross-border payments

The partnership will deliver solutions for the underserved UK and EU businesses

Verto, the B2B currency exchange marketplace, and ClearBank, the digital clearing bank, join forces to break down barriers to cross-border payments for UK and European businesses. Due to the partnership SMEs will get access to a multi-currency bank account and foreign exchange solutions. Using ClearBank’s multi-currency product, Verto will offer real-time payments and banking services. As Ola Oyetayo, Verto’s Co-Founder and CEO, commented, “We’re working together to meet a surge in demand for digital payments and address new and old challenges posed by cross-border payments, from high fees to Brexit and Covid-19 uncertainties.” Verto’s marketplace enables businesses to exchange currencies as well as send and receive international payments.

Read more about PayTech solutions

Pay-as-you-go insurer Collective Benefits raises $10 million from Prosus Ventures

Prosus has previously invested in Wolt, Delivery Hero and Flink

Anthony Beilin, Co-Founder and CEO at Collective Benefits, announced that the company secured $10 million from the Amsterdam-based investor Prosus Ventures. The funding will propel Collective Benefits’ cover expansion to Europe, Asia, and the Middle East and its launch of an accident detection and emergency response solution. The company’s plans also include improving their digital claims experience and intensifying its educational and community-building efforts. Collective Benefits teams in the UK and Netherlands are also expected to grow in the near future.

Read more about InsurTech solutions

Landbay signs £500m deal with Atom Bank

Atom Bank aims to drive its growth via lending through third party lenders

The neobank Atom and the buy-to-let mortgage lender Landbay closed a £500 million funding deal. The partnership aligns with Atom’s larger strategy to expand its lending book via third party lenders, with the deal enabling access to new markets. It also complements Atom’s offering, which already includes prime and near-prime residential mortgage products. John Goodall, CEO at Landbay, said, “This partnership with Atom will help us at Landbay to extend our reach in the buy-to-let market and broaden our offering to brokers and landlords.”

Read more about lending software development

Klarna launches one-stop shopping app globally

The app lets users shop at all online stores and manage their shopping

The BNPL leader Klarna has launched a shopping app to simplify the eCommerce experience. With the one-stop solution available in all Klarna markets now, users can shop in all online stores, get exclusive deals, access the delivery tracking of their purchases, and manage payments and returns, among other features. The app also allows users to choose Klarna as their payment method at all shops, whether they’re partnered with Klarna or not. The new product aims to put consumer needs at the heart of eCommerce and transform online shopping. Extra app features, such as a collective loyalty card space, money-saving tools, or live shopping events, are already in the works and set to launch soon.

Read more about Buy Now Pay Later technology

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