UK-based FinTech Stubben Edge Group (the Company) has today announced that it has secured a further £5.6m in investment. Once again, the round was oversubscribed and very well received by both existing and new shareholders, giving the Company a pre-money valuation of £175m and representing a 75% uplift on the previous fundraise. It further demonstrates investors’ confidence in the Group which enjoyed topline revenue growth of over 400% in 2022 and is forecasting similar growth this year.
Since the last round in September 2022, the Company has continued to deliver on its ambitious growth strategy, expanding and diversifying its service offerings while also capturing a greater share of the insurance value chain, as shown by the acquisition of London & International Insurance Market specialists Helodrium, Managing General Underwriter (MGU) Cedar Underwriting (both of which remain subject to regulatory approval), and broker distribution platform provider Insurercore, the purchase of which was announced to investors and shareholders in November 2022.
To date Stubben Edge has raised over £20 million. Cornerstone investors include several Lloyd’s names including Nigel Wray, Dowgate Wealth, family offices, institutional investors and other HNW investors.
Chris Kenning, CEO of Stubben Edge, says: “In the context of the wider economic climate and decreasing confidence in the FinTech market, this fund raise is testament to the strength of our business.
In 2023 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.
We continue to challenge the Financial Services industry, a slow adopter of technology which is both arbitrary and unbalanced. We believe that against the current economic environment it is particularly important to empower brokers and IFAs to provide better value-for-money, security and confidence for customers and their families, while building long-term business success.”
David Poutney, Chief Executive of Dowgate Capital, commented: “We were delighted to participate in Stubben Edge’s fundraise once again. The company’s phenomenal growth in 2022, in the current difficult economic climate, showcases that Stubben Edge has an enormous growth potential. We believe that Lloyd’s and the insurance industry generally are ripe for disruption and reform and that Chris Kenning and the team at Stubben Edge are well-positioned with their strategy and products to take full advantage of the opportunity in 2023. We’re excited to see them execute on their ambitious plans and look forward to continuing to work with them on their journey.”
Be the first to comment