Welsh FinTech in Focus: Driverly Raises Oversubscribed Funding Round and Shifts to B2B Strategy
Driverly has successfully closed its latest funding round, with significant investor support leading to an oversubscription of 60%. The investment was spearheaded by the Development Bank of Wales, alongside prominent angel investors.
Originally planning to enter the market as a MGA and insurance distributor, Driverly pivoted due to market conditions and investor advice. CEO highlights two main reasons: challenging profitability in motor insurance and the advantages of a B2B model, described as “leaner, easier to break even, and more scalable internationally.”
Driverly’s standout product is its telematics app, which captures driving data directly through smartphones—no black box required. This user-friendly technology provides insurance partners extensive, customizable data, with customization achievable in only 30 minutes.
Beyond capital, Driverly’s investors offer strategic advice and industry experience. Development Bank of Wales, notably patient during Driverly’s pivot, provided strategic guidance, complemented by angel investors’ diverse experience.
Driverly aims for substantial growth this year, primarily strengthening its presence in the UK and Spain while preparing for further international expansion using the newly secured funds.