Cream Financial Solutions has bought Bounce Life’s insurtech platform for an undisclosed seven-figure sum.
The acquisition includes Bromley-headquartered Bounce Life’s branding, referral and sales process, intellectual property assets, a 30,000+ client base and codes to Bounce’s referral marketing algorithms, the company’s statement said.
Bounce’s senior advisory and management team will be absorbed by Cream Financial Solutions and will continue to work out of Bounce’s Manchester office. The sales and management team will also be retained by the new owners.
Bounce founder and CEO Ashley Reading (pictured) will act as a consultant to the Cream board.
“I’m so proud that Bounce has been that splash of colour in a typically grey industry,” Reading said. “I’ve absolutely loved the journey of building the company from the ground up. We have become one of the nation’s most admired insurance brokerages and referral marketing networks. We have helped tens of thousands of clients get better protected, with sums assured in excess of £3 billion.”
Founded in 2016, Bounce Life has been ranked in the top 11 best UK start-ups, and was recognised as the best life and health insurance company at the SME Finance Awards.
According to Reading, he has already started on a new “business disrupter platform” project.
“Once again, it is going to be a business centred around making a massive difference to people’s lives and, as always, having plenty of fun along the way,” he said.