London FinTech Akoni Hub has been acquired by InsurTech group Stubben Edge.
The deal, subject to approval by the Financial Conduct Authority, will see Akoni鈥檚 cash management service added to Stubben Edge鈥檚 insurance and financial services products.聽
Stubben Edge enables intermediaries and their clients to make easy decisions about their risks and how to protect or save against them. Its 鈥榖rokerage in a box鈥� platform empowers regulated intermediaries to better serve their customers through AI-powered analytics and data enrichment, coupled with financial products across every sector and the ability to offer localised, personalised customer rewards and discounts.聽
Stubben Edge Risk has compiled a selection of niche and complementary products across all sectors that cover the gaps that big insurers either can鈥檛 or won鈥檛 service.
The partnership between Akoni, led by CEO Felicia Meyerowitz Singh (pictured), and Stubben Edge will service thousands of intermediaries across insurance broking and wealth management. They will work with respected names in financial services, including a number of UK and international banks.
鈥淎dvisers are in the best position to disrupt and adapt, and it is our job to help them 鈥� so that more people can get the advice they need,鈥� said Chris Kenning, CEO of Stubben Edge.聽
鈥淲ith 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.
鈥淲e are in a fast-paced environment where clients are demanding more than ever from their advisers. This deal will help our adviser partners to adapt and respond to the market more quickly and maintain their competitive advantage.聽
鈥淭he cash management platform will enable advisers 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.聽
鈥淭his is an exciting time for Stubben Edge as we continue to expand and grow into new markets.鈥�
Panos Savvas, CTO of Akoni Hub, said: 鈥淲e 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.聽
鈥淭his support will allow us to drive our vision forward and increase the impact we can have across the wealth and other sectors.
鈥淲ith Stubben Edge鈥檚 acquisition, we have the opportunity to make a significant impact on the U.K. 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.鈥�