Cuvva is a London based fintech start up using software to offer car insurance over flexible time periods. The company sells hourly insurance through its app in a move designed to appeal to infrequent drivers. The company was founded by James Billingham and Freddy Macnamara. As of April 2017, the app had over 100,000 downloads.
Video Cuvva
Concept
Macnamara has said that the company was inspired by a 2013 conversation in a bar where he commented to a friend that "It was ridiculous that you couldn't borrow a car for an hour, because of the difficulty of getting short-term cover [...] I could order an Uber or a Deliveroo to my house, but I couldn't buy insurance for a short period quickly."
The company's business strategy is designed to offer an alternative to annual insurance to drivers who cover fewer than 4,000 miles per year. As opposed to paying a flat annual rate, customers pay a monthly fee and top up with hours of premium insurance. Traditional short term car insurance policies offer a minimum time range of 24 hours. The company takes commission and fees on every cover sold.
Maps Cuvva
Funding
The company raised over £2 million in funding since 2014 from various investors including Techstars Ventures, Tekton Ventures, Seedcamp, Nick Hungerford (founder of Nutmeg) and Ian Hogarth (founder of SongKick).
Awards
City A.M. awarded the business Fintech Company of the Year in November 2017.
References
External Links
- Company website
Source of article : Wikipedia
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