London fintech firm acquired by insurance broker for "undisclosed sum"

A Scottish insurance broker has acquired a London insurance technology provider for an undisclosed sum to enhance its customer-centric approach.

Established in 2019, hubb is a usage-based insurance broker that prides itself on its transparent approach to business insurance, underpinned by a technology ecosystem providing clients with a 360-view of their insurance policies 24/7.

In acquiring DFP, hubb will benefit from its focus on data and business intelligence and will be able to expediate the quotation process and provide a more bespoke service for its customers through advanced tech capability. In addition, the broker will also be able to provide valuable risk insight to quoting insurers.

As a result, the DFP team will now merge with hubb personnel and CTO, Ulrich Zink, will expand his role across the whole business.

Mark Costello, co-founder and CEO of hubb, confirmed: “This acquisition puts hubb in a unique position in the insurance market and allows us to offer more true value to our commercial and business owning clients.

“Moreover, it enables us to significantly expedite our plans to be the world’s most transparent, technologically-advanced and customer-centric insurance business.”

Ulrich Zink, new CTO of hubb, added: “The DFP team are excited to become part of hubb and have been impressed with the business’ commitment to customer-centricity and embrace the opportunity to deploy our technology to the benefit of those clients.

“We believe that the market is ready for true disruption and that usage-based broking is an inherently fairer way for business owners to arrange commercial insurance.”

A proud member of Fintech Scotland, hubb operates from offices in both Glasgow and London and is currently engaged with regulators in other markets across Europe.

Over the last 12 months, the challenger insurance broker has experienced accelerated growth and plans to announce its next funding round within the coming months.

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