THE UK’S FIRST reverse-auction marketplace app for financial services, Honcho, based in Durham, has been accepted onto the UK’s leading Government-backed acceleration programme for early-stage scale-ups.
Following a highly competitive selection process, Tech Nation has invited honcho to take one of its 23 coveted spots on the six-month Fintech Programme 2019, which is dominated by London-based businesses – making up 61% of the allocation. In addition to honcho, two further north eastern organisations – Paid and Kani Payment – have been accepted onto the programme meaning that the north east is the region with the largest representation outside of London, a fantastic vote of confidence in the region’s growing tech credentials.
honcho has been hand-selected by a panel of 13 renowned founders from within the fintech sector- including the CEOs of Wealthify, Starling Bank, Augmentum and The ID Co – and is one of only three North East businesses to be enrolled.
Now in its second year running, the programme will offer ambitious fintech founders and their executive teams exclusive access to expertise and insights from some of the country’s most talented and successful fintech entrepreneurs, investors and partners.
Alongside high profile seminars covering key topics from scaling challenges to investment and partnerships to international expansion, the programme also offers both intimate and larger scale networking events with key stakeholders and a three-day international showcase trip to the US.
honcho launched into the car insurance market via iOS, Android and the web last week and has already received almost 3,000 downloads in its first 10 days of operation.
Following a hugely successful launch week, honcho’s acceptance onto the programme is a feather in the Durham based start-up’s cap.
Gavin Sewell, CEO of honcho, comments: “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 leading 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!”
Mike Jackson, Entrepreneur Success Director at Tech Nation, adds: “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.”
honcho will be joined by 22 other scaleups spanning 9 cities across the UK and covering sectors from SME Finance and capital markets to payment infrastructure and retail investing. This year’s cohort has already raised a combined average of £3.6million in funding and has an approximate total revenue of £7,160,000.
To find out more about honcho, please visit gethoncho.com.