CPP makes £1.2 million investment in cyber risk startup KYND
CPP Group plc (“CPP, or “the Group”), the international product innovation business, today announces that it has agreed to invest £1.2m to take a shareholding in the cyber risk start up KYND, further strengthening its innovative product catalogue and digital capabilities.
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KYND will use proprietary cyber risk management technology to enable businesses to easily monitor and understand the cyber risks they face, take action when necessary and be alerted to future risks as they arise. Cyber threats are a significant and growing issue, as highlighted in the 2018 Allianz Global Risk Barometer which rated cyber as the fastest growing business risk facing any organisation.
KYND was founded by Andy Thomas who led consumer data and fraud protection company Garlik through to its acquisition by Experian and Mike Harris, the founding CEO of First Direct, Egg and ex CEO of Mercury who will be Chairman of the business.
Following the acquisition of Blink Innovation in March 2017, the investment in KYND further demonstrates CPP’s commitment to investing in innovative people, businesses and products that have relevance for its distribution partners internationally. The products developed by KYND will be available to CPP’s current and future partners later this year, creating differentiation for those partners and helping businesses manage cyber risk more effectively.
CPP plans a re-entry into the UK market in the first half of 2018 with the new products from KYND and Blink leading the relaunch. This follows the FCA regulatory approval that was granted in December 2017 for Blink UK to act as an insurance intermediary in the UK market.
As part of this, CPP are pleased to announce the appointment of Michael Whitfield as Managing Director of the new UK business. Michael will spearhead the company’s re-entry into the UK market by developing partner distribution opportunities that utilise the increasing product portfolio available to the business in the UK. Michael has an extensive background in the insurance market, his most recent position being Acting Executive Chair of Building Block, a specialist European insurance company.
[The wider terms of the transaction were not disclosed.]
Commenting on the investment and the re-launch of the new UK business, CPP Chief Executive Jason Walsh said:
“I am excited about re-entering the UK market and our investment in KYND, both of which are important steps in our ongoing commitment to innovation and new product development, ensuring our partners have access to the best products for their customers. Cyber threats are the fastest rising risk facing organisations across the world. KYND is a UK company with the potential for global reach and I look forward to partnering with them to help them grow.”