Greenlight Re Innovations (GRI) has invested in TradeCrediTech, a London-based digital managing general underwriter that trades as Nimbla and specialises in the SME credit insurance space.

Financial terms of the transaction, which mark’s GRI’s thirteenth strategic investment, were not divulged.

Commenting on the development, Nimbla chief commercial officer Elizabeth Jenkin said: “Nimbla has turned traditional trade credit insurance on its head with single invoice insurance; quote and bind in less than two minutes which significantly disrupts the traditional model.

“The partnership with Greenlight enables us to widen our reach geographically and build and distribute more complementary products, particularly during this challenging time for businesses. We recently added the ability to insure against credit risks in mainland Europe, responding to the demand from our customers. We have also launched our new API which enables funders to make ‘in the moment’ credit wrapped decisions.”

Nimbla’s API integration capabilities is said to help one to plug into various SME financing platforms, thereby enabling the firm to offer the immediate quote and bind of credit insurance at a single invoice level.

Other GRI investments

Part of Cayman Islands-based specialist property and casualty reinsurer Greenlight Capital Re, GRI has made several investments in recent years.

In July 2019, GRI made a strategic investment in Cove, a New Zealand-based personal lines managing general agent (MGA) and Lloyd’s coverholder.

In the same month that year, GRI invested in travel managing general agent (MGA) Battleface.

In May 2019, GRI made an undisclosed investment in FairClaims, an online insurance and consumer dispute resolution start-up based in California.

In October 2018, GRI invested in Sana Benefits, a third party administrator focussed on the self-insured health market in the US.