Cuvva became profitable in 2023

London-based Cuvva, which offers short term car insurance, has shared its financial results for 2023, ending the year with a profit for the first time.

During the reporting period (March 1 2023 to December 31 2023), the MGA generated £18.6 million in revenue, a 32% increase compared to the prior 12 months. Profit after tax was £2.5 million, compared to a loss of £4.8 million in the prior period. For the year ending February 28 2022, Cuvva reported a loss of £10.1 million.

Administrative expenses stood at £15 million for the 10 months, a decrease of £2.6 million compared to the prior period. During the period, the startup had a monthly average of 103 employees, down from 114 and 132 employees in the prior period and the year ending February 2022, respectively.

One interesting tidbit is Cuvva’s Trustpilot rating, which went down due to tighter underwriting rules. Here’s a recent review:

Cuvva raised ~$30 million since 2015.