UK-based InsurTech Stubben Edge has raised £5.6m in additional funding following its £10m investment in September 2021.
Its investors include a number of Lloyd’s Names, Nigel Wray, Dowgate Wealth, family offices, institutional investors and other HNW investors.
Since its previous funding round, Stubben Edge has acquired Lloyd’s broker Genesis Special Risks, established the Guernsey entity 1Edge, and bought the SME focused media titles from Bonhill.
The InsurTech also has other announcements planned for the coming months, including additional M&A activity.
Speaking on its investment and growth, Stubben Edge CEO Chris Kenning said, “In the context of declining confidence in the FinTech market and the wider economic climate, this is a huge deal and testament to the strength of the business. Our ambition continues to be 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 SME clients more efficiently, cost-effectively, wherever, and whenever their clients want to engage.
“Our ambition is to change the Financial Services industry, which is currently antiquated, arbitrary and unbalanced, empowering brokers and IFAs to provide better value-for-money, security and confidence for customers and their families, while building long-term business success.”
Stubben Edge helps insurers to sell better insurance, cheaper and faster. It enables intermediaries and their clients to make easy decisions about their risks and how to protect and save against them.
Its business includes Lucid UX, which tailors software, data and analytics solutions for clients across multiple regulated sectors.
The company recently acquired Bonhill Groups’ Business Solutions & Governance (BSG) division. The BSG division includes the highly regarded brands SmallBusiness.co.uk, GrowthBusiness.co.uk, Information-Age.com and DiversityQ.
In other insurance news, Lloyd’s of London has set aside $1.26bn to cover claims related to the war in Ukraine, which it said is a similar size to a “small to medium-sized natural catastrophe.”
Copyright © 2022 FinTech Global