Fintech group swoops for Jaywing UK to drive expansion

Jaywing UK, which was launched over 25 years ago, has been acquired by financial services company Stubben Edge Group as part of plans to tap into the agency’s data-driven expertise and drive the fintech’s expansion strategy.

The agency, set up by former First Direct chiefs Martin Boddy and Andy Gardner in May 1999, has had a challenging few years, sparking a major restructure and culminating in its decision to de-list from AIM and re-register as a private company from February 12 this year.

According to its most recent annual results for the year ended March 31 2024, Jaywing was still operating at a loss of £2.4m on revenues of £21.5m, albeit a substantial improvement on 2023 which came in -£12.5m on revenues of £22m.

Even so, at its height, in the year ending March 31 2018, Jaywing had revenues of £47.5m, with gross profits of £36.7m.

This time last year, the agency said it had scrapped plans to sell the company in a change of heart that coincided with the departure of chief executive Andrew Fryatt after just over four years in the role.

However, the official line is that “this strategic integration arrives during a period of substantial growth for both organisations. The timing empowers the combined group, allowing them to rapidly utilise enhanced capabilities and market momentum”.

Jaywing will contribute its data science and integrated marketing strategy, as well as its AI-driven proprietary technology, the Accelerator Lab. The acquisition will also provide clients with access to a broader portfolio of integrated services and technological innovation.

Established in 2018, Stubben Edge operates an accessible insurance marketplace for multiple groups and associations to make buying financial services easy. Through its hub customers can get insurance quotes for multiple appliance; home emergency; term life; commercial fleet; motor breakdown; and group life cover.

Stubben Edge believes Jaywing UK’s expertise in data science, advanced analytics, and AI will complement the fintech’s strategic objectives.

Jaywing UK managing director Catherine Kelly said: “By combining our deep expertise with Stubben Edge’s cutting-edge technology, we are truly enhancing our ability to deliver the innovative, data-driven solutions our clients need to achieve tangible growth and navigate complex markets.

“Our focus at Jaywing remains on client success and utilising these newly combined capabilities to drive even better performance.”

Stubben Edge chief executive Chris Kenning added: “Jaywing’s exceptional reputation for digital marketing and data-driven insights will perfectly complement our own strengths and help us deliver even more integrated solutions to our clients.”

“Ultimately, this joining of forces demonstrates a powerful, shared commitment, encompassing data-driven innovation, sophisticated technology application and a commitment to delivering measurable business impact for clients.”