Fruga Raises £1M Seed

Fruga, a Manchester-based InsurTech scaleup that leverages open banking to help consumers reduce insurance renewal costs, has raised £1 million in seed funding. The capital marks the first significant external investment for the company, which had been previously bootstrapped.

Investors

The funding round was provided by NPIF II – PXN Equity Finance, managed by PXN Ventures, alongside UK-based venture capital firm Haatch.

Fruga Use of Funds

Fruga plans to use the new capital to scale its open banking technology platform and grow its team, with key hires expected in the first quarter of 2027. The company is also focused on expanding its customer base, targeting prominent household insurers and managing general agents.

About Fruga

Founded by CEO Ross McCarthy and Asaf, Fruga provides an open banking platform that allows customers to earn insurance credits through everyday spending with partner brands. By integrating this technology, insurers can offer discounts, build deeper data-driven relationships with policyholders, and reduce churn during renewal periods.

Funding Details

Company Website: https://fruga.co.uk

Company: Fruga
Raised: £1M
Round: Seed
Funding Date: October 15, 2026
Additional Investors: NPIF II – PXN Equity Finance, Haatch
Software Category: InsurTech
Source: https://www.uktechnews.info/2026/10/15/fruga-secures-1-million-seed-funding-from-pxn/