Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


  • Campaign set up to launch app designed to reduce cost burden on motorists
  • As a result of EU funds allocated to the launch being put on hold following Brexit


NORTH EAST tech business, honcho, has successfully secured over £305,000 in just seven days of launching a crowdfunding page on CrowdCube.

The North East-based business has already reached almost half of its fundraising target, after allocated funds from the European Investment Bank (contributed to by all members of the EU) were put on hold following the referendum.


Rather than delay the launch of its innovative and disruptive fintech app, the team at honcho approached CrowdCube to offer UK consumers and investors the chance to take a stake in the company.

The campaign aims to raise £650,000 to help bring the app to market and has raised almost half of this through funds from over 189 investors.


In a bid to compete with price comparison websites (PCWs), which often don’t offer consumers the best deal, honcho has created the UK’s first ‘reverse auction’ market-place for car insurance.

The app reduces costs for motorists and decreases the dependence on PCWs, by enabling insurers to bid for consumers’ business, competing with each other to offer the best value package in real time.


Unlike price comparison websites, which charge insurers large commissions, insurers pay honcho just £1 for the right to bid as many times as they like for a single customer, allowing them to reduce premiums for consumers and incentivising them to do so in order to win their custom.

By saving insurers costs on commissions and the fees charged by price comparison sites (which can be £60 or more for a single policy), savings will be passed on to honcho customers, to further drive down premiums.

The honcho crowdfunding page can be found at: www.crowdcube.com/honcho


Gavin Sewell, CEO of honcho, believes that crowd funding will be a vital source of capital for many new and expanding businesses after Brexit. Sewell comments:

“We are thrilled to have secured almost half of the investment needed to launch the honcho app within the first seven days of the campaign being launched. The crowdfunding page is live until the 24th December, so we are confident we should be able to reach our target of £650,000.


“We launched the crowdfunding page out of pure necessity and we suspect many new businesses will be forced to do the same. Businesses like honcho cannot afford to wait for political negotiations to decide if funds allocated to UK regions will be released.  The JEREMIE 2 fund alone was meant to invest £120 million into businesses such as ours, and this was only one of the funds targeting regions of the UK meaning that potentially thousands of businesses are losing out.

“Crowdfunding is the logical and immediate solution for innovative tech start-ups such as honcho looking for alternative funds, and also gives UK investors the chance to support enterprises and get in on the ground floor of exciting new ventures.”


Through the CrowdCube platform, investors, both large and small, can take a stake in honcho, which promises to revolutionise the insurance market by flipping the current price comparison market on its head.

honcho will act as a ‘matchmaker’ between customers and insurers, initially for car insurance, but ultimately across a range of other insurance products and markets.

“We believe honcho can revolutionise the insurance market,” says Sewell. “It benefits both customers and insurance companies, helping to end the blight of spiralling insurance costs which are causing misery for many, especially young motorists.

“We believe that through crowdfunding, our future customers have a chance to take a stake in a company that will make their lives better as well as hopefully offering a healthy return on their investment.”

honcho is the first online reverse auction marketplace for financial services, which will revolutionise the way people buy products and services, saving them time and money.

honcho is due to launch into the car insurance market in 2018.