Disruption by the UK fintech industry grows by the day, with London at the very centre of this disruption. And every startup strives to be the next challenger in their space. At times, however, two heads are better than one. It sometimes takes two challengers to come together to effectively address specific market opportunities.
This month, we were delighted to announce that we have entered into a partnership with London-based Starling Bank, one of the UK’s leading digital banks. Not only does it benefit both challenger businesses, but by combining our strengths, we are able to deliver real value to the end customer.
There are three things that make for a successful business partnership: a defined opportunity, a common goal and a focus on transparency. And all three ingredients are present in our partnership with Starling.
- A defined opportunity - since launching its in-app Marketplace in 2018, Starling has launched a number of different partner integrations to create a well-rounded financial ecosystem for its retail and business banking customers. With Digital Risks as the latest addition, businesses that bank with Starling now have direct access to a comprehensive range of insurance covers to protect their new venture. “Starling has taken retail banking by storm, giving users a truly better way to manage their finances, and we’re excited to partner with them to bring this simplicity to SME insurance through their in-app Marketplace.” - says Cameron Shearer, our CEO.
- Having identified a significant overlap in our respective customer bases, we worked towards a common goal of solving the unique challenges these businesses face. As the first insurance provider specifically designed to meet the needs of small and medium-sized businesses, we use cutting-edge technology and leverage multiple data points to deliver a personalised experience that provides customers with the exact protection they need, including legal challenges, management liability issues, and growing cybersecurity threats. “SMEs need insurance providers that can give them flexible protection that can evolve as the business grows. With Digital Risks our business customers will be able to focus on growing their businesses knowing that their insurance needs have been taken care of,” - says Anne Boden, Founder and CEO of Starling Bank.
- Having built the business on transparency as one of its core values, Cameron and Ben Rose, the Co-Founders of Digital Risks, remain convinced of the importance of being transparent with customers as a means of underpinning future business growth. Transparency, therefore, is at the heart of our partnership with Starling: via Starling’s Marketplace, we give customers direct access to flexible cover tailored solely to their needs. Our offering ensures they are covered comprehensively for the particular stage of their growth, without paying for unnecessary extras.
Cameron is certain that two challenger brands combining in this way will deliver real value to customers. “Through bringing together two major disruptive players in the market, Starling, the digital bank, and Digital Risks, the first disruptor in business insurance, customers can now easily protect themselves against the multitude of threats that they will inevitably face as they grow. Crucially, they can also easily adapt their subscription-based cover as their circumstances change” he adds.
At the end of the day, it’s that combination of innovation, collaboration and clear communication that will enable Digital Risks and Starling to deliver better customer outcomes.
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- 26 February 20201 minute read
The $10.4M investment round was led by BHL Holdings, a well-respected and highly regarded international group with a strong reputation for insurance innovation. Nire Capital also participated in the round alongside existing investors Concentric, Beazley and Seedcamp.