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Stubben Edge acquires fintech and wealthtech firm Akoni
[Insurtech and wealth specialist] Stubben Edge are excited to announce the acquisition of the cash management platform Akoni Hub, specialising in the wealth sector.
Together, the two companies will service significant participants in the distribution market, working with some of the most respected names in financial services, including Hiscox, Beazley, Barclays, Investec and Santander, amongst others. Going forward,
- Akoni’s cash management service will be added to Stubben Edge’s insurance and other financial services products
- Akoni’s technological capabilities will be leveraged across Stubben Edge’s digital platform, enhancing functionality and integration within an open banking ecosystem
- Akoni’s client relationships are highly complementary to Stubben Edge’s existing distribution. Together, the two companies will service a number of intermediaries across insurance broking and wealth management
[Chris Kenning Stubben Edge CEO] “Our acquisition of Akoni is a really exciting development for Stubben Edge. We see the immediate and long-term growth opportunities here, with both cash management and the innovation that Akoni provides, as a natural next step as we continue to expand our offering to the market. Stubben Edge is a pioneering company embracing strategic innovation to support our clients’ digital transformation, and this addition to our portfolio will bring many benefits for their customers. Importantly, the acquisition of Akoni Hub will only accelerate our commitment to financial services, bringing industry leading cash management solutions and capabilities to the market.]
Stubben Edge
Stubben Edge is a technology-based financial services group that enables intermediaries and their clients to make easy decisions about their risks and how to protect or save against them, putting their success at the heart of everything they do.
Stubben Edge helps independent brokers do business differently in order to meet the challenges of the digital age, combining a powerful mix of technology and niche products,
Stubben Edge provides Brokers with a way to “Start, Run and Grow” their business. Stubben Edge’s business-in-a-box technology can have a broker up and running in 24 hours and provides a plethora of features and services for regulated businesses allowing them to run more efficiently and grow by providing the technology and products they might otherwise struggle to develop themselves.
Its portfolio includes Lucid UX, which tailors software, data and analytics solutions for clients across multiple regulated sectors. For those clients Stubben Edge Risk then leverages its relationships, actuarial and product knowledge to develop bespoke products alongside both intermediaries and financial institutions.
Stubben Edge is committed to ongoing support and excited about new opportunities to widen Akoni Hub’s service offering and grow the business.
Akoni Hub
Akoni is a multi-currency cash deposit management platform, providing specialist white-label portal and API solutions to the wealth sector and small and medium businesses, as well as marketplace cash solutions to banks and other enterprise clients for their end customers. Akoni uses multiple data sources, including open banking and open data, to personalize financial products, provide nudges and prompts, remove barriers to transparency and create hassle-free movement of funds. The company is an award-winning and Financial Conduct Authority regulated partner with UK and international banks, wealth platforms and financial institutions, in addition to channel partners, providing a marketplace within marketplace solution for white-label API or branded portal solutions.
Felicia Meyerowitz Singh, CEO and founder of Akoni stated “We are thrilled with the sale of Akoni to Stubben Edge and delighted that Chris and his team will take growth to the next stage of development, leveraging their distribution and market partnerships. Our team has been on an incredible journey, building a best in class solution, driving unique innovation in the financial markets and working with our amazing team, clients and partners. As the founder of Akoni, I know with the support of Stubben Edge, the business will continue to have even greater impact to our customers and the market”
Panos Savvas, CTO and co-founder at Akoni Hub 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 to 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 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.”
Akoni Hub and Stubben Edge are committed to long term success for clients and partners, continued innovation and ambitious growth plans. The acquisition remains subject to FCA approval.
If you have any questions on this update we would be delighted to discuss them with you. Please email Tim.Parker@akonihub.com with any queries you might have.