UK-based InsurTech firm Stubben Edge has raised £10m from an investment round that including firms such as Lloyd’s Names and a range of institutional investors.
Founded in 2010, Stubben is a tech-based financial services firm that claims it allows intermediaries and their clients to make easy decisions about their risks and how to protect or save against them.
The company said it is ‘revolutionising’ insurance distribution by providing a digital platform where distributors, brokers and IFAs can start, run and grow their businesses.
Stubben added it had embarked on an ambitious growth strategy including selective M&A activity – like its recent purchase of cash management firm Akoni Hub – and will target the funds to continue providing the best selection of services to brokers and IFAs who want to start and grow their own firms.
Stubben Edge CEO Chris Kenning said, “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.”
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