Fruga raises £1m to expand insurance renewal rewards
NPIF II–PXN Equity Finance and Haatch are backing the Manchester company’s open-banking platform.
Fruga has raised £1 million from NPIF II–PXN Equity Finance and Haatch, according to a 15 October 2026 announcement. The financing is its first external investment after developing the business through bootstrapping.
The Manchester company will expand its open-banking technology and insurer customer base, with key hires planned for the first quarter of 2027. Money Expert already uses its platform.
Fruga lets policyholders earn insurance credits through everyday spending with selected retailers. Credits accumulate toward a renewal discount, while insurers can embed the service under their own brand to engage customers throughout the policy year.
Use of funds
Scale open banking platform
Grow team and insurer customer base