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Flexible Car Insurance Provider ‘Driverly’ Backed by Development Bank of Wales

Darparwr Yswiriant Car Hyblyg 'Yn Yrru' Gyda chefnogaeth Banc Datblygu Cymru



The Development Bank of Wales led a pre-seed equity investment into a Welsh car insurance firm during a recently closed funding round.

Cardiff-based Driverly provides a unique, flexible, subscription-based car insurance service, using proprietary technology to offer flexible pricing to its customers.

The Development Bank recently invested £250,000 in equity investment in the company during a £525,000 pre-seed investment round, joined by serial entrepreneur Manuel Santiago as an Angel investor, and Duncan Russell, former CFO at Admiral Financial Services.
Driverly’s service tracks users’ driving, with new subscribers downloading the Driverly app and taking an initial test drive to provide data on their driving habits.

It then offers users a price for their insurance based on the app’s assessment of their driving, with the subscription price locked in for the first three months.

Driverly continues to monitor the customers’ driving behaviour throughout their policy term, and adjusts prices based on this behaviour and market conditions. There are no additional fees for customers, including cancellation fees.

Jack Christopher (DBW), Mohammad Alina, Armin Kia, Mark Huggins, Néstor Alsonso

As well as basing costs directly on customers’ driving, Driverly also rewards good drivers with digital “acorns” as part of its rewards programme, which they can convert into vouchers or discounts.
The service has already proven especially popular with younger or new drivers, who normally face much higher car insurance costs than other age groups.

Armin Kia, co-founder and CEO of Driverly and former Head of Business Planning and Development at Admiral Financial Services, Admiral Group, said:

“We’re really glad to have been supported by the Development Bank of Wales, which will help us to further develop our technology and enter the car insurance market on a strong footing.

“Car insurance is a cost which all drivers have to face, but our approach to insurance gives drivers – particularly new or younger drivers – the flexibility they need as their living costs have increased everywhere else. Our monthly policy affords these customers flexibility, with the guarantee of zero fees.

“We look forward to getting our app and our service to more and more users, and are very grateful for the Development Bank’s support.”

Jack Christopher, Assistant Investment Executive at the Development Bank, said:

“We’re impressed with Driverly’s disruptive approach to car insurance. Their behaviour and performance-centric approach is disrupting the normal top-down method, which dictates how much drivers should pay based on factors like demographics or location.

“Driverly is among a number of thriving Welsh FinTech companies we have been pleased to support with pre-seed investment, and we look forward to being a part of their journey.”

For more information on support available from the Development Bank of Wales, visit


The Development Bank of Wales funds businesses that they think will benefit Wales and its people. The ones that will create ripples of growth- those that are more than a good business model or a great idea. They finance responsible businesses – those with a strong social, ethical and environmental standards, as well as real commercial promise.

By providing sustainable, effective finance where options have seemed limited, they bring ambitions to life and fuel possibilities for people, businesses and communities in Wales and beyond.

The Development Bank’s ‘big picture’ view means it can often help with debt and equity finance when options seem limited, doing whatever it takes to make a positive difference, bringing together the right people and working collaboratively to find a way to make things happen for Welsh businesses and for Wales.

Its teams are embedded in local communities, working out of regional offices that give customers direct access to key decision-makers and signposted avenues of support. They understand what’s happening in Wales’ villages, towns and cities – the challenges and the opportunities. They see the potential for business growth as a catalyst for enhancing lives and communities in Wales and beyond.

For more information, visit the Development Bank website at to find out more.


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