Insurtech Stubben Edge, which caters to the broker market, is buying multi-currency cash deposit management platform Akoni Hub for an undisclosed sum.
“Brokers are in the best position to disrupt and adapt, and it is our job to help them – so that more people can get the advice they need,” said Stubben Edge chief executive Chris Kenning (pictured) when the tech-based financial services group’s acquisition was announced.
“With many insurance providers constrained by a one-size-fits-all approach to solutions and products, we instead offer clients bespoke solutions, expert knowledge, cutting-edge technology, and the ability to structure across multiple financial services markets UK-wide and internationally.”
Snapping up Akoni Hub means its cash management service will be added to the insurance and financial services products offered by Stubben Edge, allowing brokers to better manage their business cashflow, among other things.
Kenning went on to say: “We are in a fast-paced environment where clients are demanding more than ever from their brokers. This deal will help our broker partners to adapt and respond to the market more quickly and maintain their competitive advantage.
“The cash management platform will enable brokers to manage their cashflow better, develop new products, and reach more clients more easily. It will help level the playing field between the smaller brokers and the top firms and will be a game-changer for those that are ambitious to grow. This is an exciting time for Stubben Edge as we continue to expand and grow into new markets.”
Stubben Edge, through its business-in-a-box technology, can get a broker up and running in 24 hours. It also has a selection of niche and complementary products that the business believes cover current gaps in the industry.
Commenting on the sale, Akoni Hub chief technology officer Panos Savvas said: “We look forward to working with Stubben Edge, whose industry knowledge and products will be crucial in developing the Akoni proposition, not only to the wealth sector but a wider audience. This support will allow us to drive our vision forward and increase the impact we can have across the wealth and other sectors.
“With Stubben Edge’s acquisition, we have the opportunity to make a significant impact on the UK cash management sector. It will enable us to achieve our goal of being the go-to cash management provider in the UK providing the highest level of service and products to our partners.”
The transaction is subject to approval by the Financial Conduct Authority.
