honcho successfully raised £700,000

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127%

Raised: £893,590

Investors: 592

Target: £700,000

Equity: 11.47%

Pre-money valuation: £6,899,999

honcho is the UK’s first reverse auction marketplace for financial services, and we’re already making a big noise in the car insurance market. Following the success of our last Crowdcube round in 2018, we're back with another opportunity for you to become a part of our insurance revolution.

10k users downloaded and registered for honcho in our first 15 weeks
7 insurers on board, 7 in progress, with 26 brands represented
Backed by Maven Capital, a leading national VC
Selected for the prestigious Tech Nation Fintech programme 2019

Idea

honcho is the UK’s first reverse auction marketplace for financial services, and we’re revolutionising how people buy insurance.

Since our last Crowdcube raise we’ve received our FCA authorisation, raised £950k from Maven Capital and others, integrated with insurers, and we’ve launched!

As an alternative to price comparison websites (PCWs), honcho drives increased competition and pricing transparency through an auction where insurers bid against each other in real time, with decreasing prices, to win people's business. Every insurer pays just £1 to enter an auction instead of an expensive PCW commission. For the first time insurers can make pricing decisions based on risk and commercial factors as they can see each other's pricing.

What's more, honcho's marketplace data is incredibly valuable to the industry.

honcho helps consumers buy the right product at the right price, not just the cheapest, and our app-based journey is simple, quick and convenient.

With honcho, everyone wins!

We’ve started with the car insurance market, and already we’ve seen an amazing reaction to what we’re doing, with tons of great coverage from the likes of the Mail, Mirror, Express, and BBC Radio.

We’ve signed up more than 10,000 consumers, which is growing monthly and 14 insurers to our platform.

We’re raising now to scale our marketplace and range of insurance products to learner, van and home.

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Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

honcho has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.

Idea

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