Bounce CEO and co-founder Ashley Reading has paid tribute to his “stunning team” who are the “secret to his success” after revealing the sale of his company to financial solution giants Cream.
The seven-figure sum deal, which includes Bounce’s branding and algorithms, made the 51-year-old “staggeringly proud”, Reading said.
“This moment is emotional. I would like to thank my stunning team, they are the secret to my success and I adore them. From the Bromley head office, to the sales team in Manchester, to the nationwide network of ‘Bouncers’. These people are more incredible than I can convey.”
Cream Financial Institutions has bought Bounce Life for an undisclosed sum and Reading, who will remain as a consultant to the Cream board, says he is excited about the next step.
“I’m confident that the business will rise to even greater heights under the new ownership of Simon Smith at Cream. I’ve known Simon for many years, he is one of the industry’s most respected and hard-working guys.”
“I know our clients are going to continue to be extremely well looked after for many years to come. I genuinely couldn’t be more pleased, and I know that our mission to make the UK healthier and better-protected will be carried on with great determination by Simon and his top team. What’s exciting is that there’s still so much that I know is going to be achieved under the Bounce and Cream brands.”
Founded in 2016, Bounce Life has grown into one of the most respected life and health insurance brokers in the UK. More than 5,000 work-from-home ‘Bouncers’ have been recruited in that period. The team aims to increase the awareness of life and health insurance needs to their friends, family and social media audiences.
Bounce has been ranked in the Top 100 best UK startups over the past five years. The company was recognised as the best life and health insurance company at the 2020 SME Finance Awards.
Reading, 51, transformed the insurance industry with a groundbreaking referral marketing model. His nationwide team of ‘Bouncers’ increase the awareness of life and health insurance to their friends, family and social media audiences.
“I’m so proud that Bounce has been that splash of colour in a typically grey industry,” said.
“I’ve absolutely loved the journey of building the company from ground up to become one of the U.K’s most admired insurance brokers, helping tens of thousands of clients get better protected, with sums assured in excess of £3bn.”
Bounce is built on a highly sophisticated tech platform that the company developed.
The existing Bounce senior advisory and management team will now be employed by Cream Financial Solutions. They will continue to work out of the existing Bounce Manchester UK office.
Ashley Reading said:
“As an insurtech business this is a great added-value acquisition for Cream, who have aspirations to take the front-end lead generation model and grow it by scale. I am remaining on as a consultant to the Cream board, adding value and creative input wherever possible. I’ll also still be actively involved in driving Bounce Network, behind the scenes.”
“I have already started working on my next ‘business-disrupter’ platform. Once again, it is going to be a business centred around making a massive difference to people’s lives and, as always, having plenty of fun along the way.”