Banking and accounting app Countingup has agreed a partnership with insurance solutions provider Hokodo.
The alliance — which is claimed to be the first between a banking and accounting company and a small business-focused insurance firm — aims to reduce the risk SMEs face from late payments and unpaid invoices.
“Invoice protection insurance, such as that offered by Hokodo, fits well with our focus,” said Tim Fouracre, founder and CEO at Countingup.
“Hokodo’s solution is key in protecting the most vulnerable small business owners from running into cash flow problems through missed or late payments.”
Richard Thornton, co-founder of Hokodo, added: “The traditional insurance industry has commercial products to address this problem.
“Historically, it has effectively excluded small businesses from the market by basing credit insurance on expensive ‘whole turnover policies’, and selling via channels, such as brokers that are largely inaccessible to SMEs.
“Our credit insurance solution addresses this and partnering with Countingup will help us deliver this opportunity to more small business owners.”
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