UK-based insurtech Stubben Edge Group has secured £10m in investment following a doubling of business since its first round in December 2020.
Cornerstone investors include a number of Lloyd’s Names, Nigel Wray, Nick Leslau and institutional investors.
The company has embarked on an ambitious growth strategy including selective M&A activity, as illustrated by the announcement last week of its purchase of cash management company Akoni Hub and will target the funds to continue providing the best selection of services to brokers and IFAs who want to start, run, and grow their businesses.
The Stubben Edge Group is revolutionising insurance distribution, providing a digital platform where distributors, brokers and IFAs can start, run, and grow their businesses. Its cutting-edge technology enables entrepreneurs to find and sell better insurance products, cheaper and faster to a growing database of over 12m GDPR-compliant potential customers, while also supplying administration, finance, compliance, and marketing services at the touch of a button.
Chris Kenning, CEO of Stubben Edge, says: "Our ambition is to continue to support the entrepreneurs and owners of brokers and IFAs. Helping them build their businesses by providing the technology, data and products that will enable them to service their clients more efficiently, cost-effectively, wherever, and whenever their clients want to engage.
“This is central to our mission to rebalancing the financial industry to benefit everyone who works within it and those serviced by it, changing their lives for the better. That rebalancing includes raising the standards of financial literacy and enabling greater access to the opportunities for business and career development, previously out of reach for some sections of society.
“The Financial Services industry is arbitrary, antiquated, unbalanced and therefore not delivering the best products and experience to those working within it and to those customers needing it. Our ambition is to change that, empowering brokers and IFAs to provide better value-for-money, security and confidence for customers and their families, while building long-term business success."
David Poutney, Chief Executive of Dowgate Capital, commented: “We were delighted to take this opportunity to some of our institutional, family offices and other HNW investors. Many of whom are experts in financial services, Lloyd’s and the insurance industry generally, which we view as ripe for disruption and reform. Chris Kenning and the team at Stubben Edge are well-positioned with their strategy and products to take full advantage of the opportunity and we’re pleased to have been able to provide them with this initial round of growth capital and look forward to continuing to work with them on their journey.”