New mobile app aims to disrupt price comparison websites

A new mobile app is aiming to disrupt the commonly used price comparison websites (PCWs), by allowing car insurers to bid for business from consumers, before eventually expanding into other personal finance products.

To fuel its growth, North East online reverse auction marketplace, honcho has secured £830,000 of investment.

Having successfully over-funded following a CrowdCube campaign earlier this year, honcho has recently moved to new offices in Durham’s Salvus House, strengthened its senior management team with the appointment of chief technical officer (CTO), Chad Crossman, and received formal FCA authorisation.

Crossman has had a successful career to date, having held CTO, CIO and IT director positions at several corporates, and brings with him a wealth of experience and knowledge during honcho’s key launch phase.

Commercial director, Frank Speight, said: “Having Chad come on board as CTO is fantastic for us andgiven the nature of the honcho proposition – a pioneering digital platform offering the first reverse auction marketplace in the UK for financial services – his involvement will be absolutely essential. We are delighted to have him involved in the business ahead of the launch.”

Speaking about the FCA authorisation, Speight added: “Having FCA authorisation in place is absolutely essential ahead of the launch later this year, and will provide key partners and consumers with the assurance that they are working with a professional and credible organisation.”

The next phase of its expansion will see the business employing up to 15 new members of staff to join its growing team.

Honcho is currently looking to recruit individuals to fill a number of positions in its Durham head office – including everything from product development and distribution to overseeing digital marketing.

Commenting on the expansion, Gavin Sewell, CEO, said: “We are thrilled to be entering the next phase in the development of this ground-breaking service. We are working to ensure that our launch is as successful as possible and are excited to be working with the insurance community to offer more competitive financial services quotes to consumers.

“Right now, we’re looking for individuals who embody everything that honcho is; intelligent, forward-thinking, disruptive, innovative and one of a kind. This is a fantastic time for new employees to join the company, as they will benefit from being able to launch something totally unique that will change the way consumers shop for financial services, forever, and put power, control and transparency back into their hands.”