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.
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.