{"id":7569,"date":"2020-01-13T15:00:14","date_gmt":"2020-01-13T15:00:14","guid":{"rendered":"https:\/\/fintech.global\/digitalinsurtechforum\/?p=7569"},"modified":"2020-01-13T15:00:14","modified_gmt":"2020-01-13T15:00:14","slug":"honcho-surges-past-crowdfunding-target","status":"publish","type":"post","link":"https:\/\/fintech.global\/digitalinsurtechforum\/honcho-surges-past-crowdfunding-target\/","title":{"rendered":"honcho surges past crowdfunding target"},"content":{"rendered":"

honcho, which operates a \u2018reverse auction\u2019 marketplace for financial services, has surpassed its \u00a3700,000 crowdfunding target.<\/strong><\/p>\n

The startup has raised up to \u00a3750,000 in a crowdfund it is hosting on the Crowdcube platform. There are still six days left on the offering and the startup has not indicated a hardcap.<\/p>\n

So far, it has attracted 395 investors to contribute to the round.<\/p>\n

honcho is raising the capital at a \u00a36.9m valuation and has offered 9.81% of its equity to investors.<\/p>\n

The UK-based company\u00a0raised \u00a3750,000 in funding last year<\/a>\u00a0to\u00a0support the launch of its services in the country. Its round was comprised of a \u00a3322,500 investment from private equity firm Maven Equity Partners and investments from the European Regional Development Fund and Finance Durham Fund.<\/p>\n

honcho aims to boost competition and pricing transparency through an auction where insurers bid against each other in real-time to win people\u2019s business. Each insurer pays \u00a31 to enter an auction, which is cheaper than PCW commissions.<\/p>\n

Last year,\u00a0the company launched<\/a>\u00a0an auto insurance option to its services. The new service lets insurers bid against each other to offer consumers with an appealing car insurance offer.<\/p>\n

The UK is leading Europe\u2019s charge for InsurTech platforms, representing 40.2% of the 315 transactions in the\u00a0sector since 2014.<\/a>\u00a0Germany is the second largest country for European InsurTech investment, followed by France, Italy and Sweden.<\/p>\n

\"\"<\/a>Copyright \u00a9 2020 FinTech Global<\/p>\n","protected":false},"excerpt":{"rendered":"

honcho, which operates a \u2018reverse auction\u2019 marketplace for financial services, has surpassed its \u00a3700,000 crowdfunding target. The startup has raised up to \u00a3750,000 in a crowdfund it is hosting on the Crowdcube platform. There are still six days left on the offering and the startup has not indicated a hardcap. So far, it has attracted… <\/p>\n

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