UK-based insurtech the Finance Durham Fund, which offers an app that enables car insurance companies to bid for motorists' business, has raised £850,000 ($1,180) in equity funding via CrowdCube. The firm also secured a conditional investment from Honcho of £150,000. Insurers pay the Finance Durham Fund £1 for the chance to bid as many times as they like for a customer, motivating them to keep their premiums competitive. The app aims to reduce premiums for UK motorists, and the Durham-based company hopes to expand to offer pet and home insurance.
UK-based insurtech Honcho, which offers an app that enables car insurance companies to bid for motorists' business, has raised £850,000 ($1,180) in equity funding via CrowdCube. The firm also secured a conditional investment from the Finance Durham Fund of £150,000. Insurers pay Honcho £1 for the chance to bid as many times as they like for a customer, motivating them to keep their premiums competitive. The app aims to reduce premiums for UK motorists, and the Durham-based company hopes to expand to offer pet and home insurance.