Cuvva grows profit

London-based Cuvva, a provider of short term car insurance, has released its 2024 results, ending the year with a profit after tax of £11.5M, a significant increase compared to 2023.

Revenue grew by 29% YoY to £27.4M (Year to Dec. 2023: £21.2M) driven by continued demand for short-term insurance, stronger customer retention, and product enhancements. The business benefited from favorable macroeconomic tailwinds, including increased adoption of car sharing amid cost-of-living pressures, and a sustained return to pre-pandemic mobility habits.

Cuvva’s cash at bank and in hand balance as of December 31, 2024 was £17M.

The startup claims that its app has 400k monthly active users.

In 2024, Cuvva expanded its product ecosystem with the launch of Cuvva car clubs, enabling peer-to-peer car sharing with built-in insurance. Car owners can set up hourly and daily prices and lend the vehicle to family, friends, neighbors, co-workers and the community.