Car insurance app from Durham secures place on London-led fintech scaleup programme

Durham-based honcho as been accepted onto the UK’s government-backed acceleration programme for early-stage scaleups.

The UK’s first reverse-auction marketplace app for financial services was invited by Tech Nation to take one of its 23 spots on the six-month Fintech Programme 2019, which often has a high percentage of London businesses - 61 per cent to be exact.

In addition to honcho, two further North East organisations - Paid and Kani Payment - have been accepted onto the programme, meaning it is the region with the largest representation outside of the capital.

The marketplace has been selected by a panel of 13 founders from within the fintech sector - including the CEOs of Wealthify, Starling Bank, Augmentum and The ID Co.

Gavin Sewell, CEO of honcho, said: “To be offered a spot on this hugely oversubscribed government-backed programme is big news for us, and affirmation that our brand shows great disruptive potential in the UK and beyond.

“The insights and opportunities we’re set to receive on the programme are money-can’t-buy and we feel extremely lucky be given access to the minds of entrepreneurs who have already successfully grown fintech products from the ground up.

“What’s more, being a Durham-based organisation, we’re delighted to be helping to fly the flag for the north east, proving that the fintech community is alive and kicking outside of London!”

Now in its second year running, the programme offers fintech founders and their executive teams access to expertise and insights from UK-based fintech entrepreneurs, investors and partners.

This month, honcho launched into the car insurance market via iOS, Android and the web. It has so far received almost 3,000 downloads.

Mike Jackson, entrepreneur success director at Tech Nation, added: “Last year’s Tech Nation Fintech growth programme had tremendous success in connecting and creating opportunities for the most promising fintech companies in the UK, and we are hugely excited to replicate this again in 2019.

“The companies in this year’s cohort have demonstrated significant promise as future fintech leaders, and with the global fintech market expected to be worth nearly £250bn by 2023, they will play a vital role in supporting the UK to remain at the head of the global pack.”

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