Cuvva, a London-based short-term car insurance provider, reported record growth in 2024. Profit reached £12.8mn—triple the previous year’s result.
Revenue rose to £27.4mn, driven by continued investment in product development, infrastructure, and automation.
The company became profitable in 2023. It now has over 5mn app downloads. Nearly one-third of UK drivers aged 21 to 29 have installed the platform.
CEO Freddy Macnamara credited the firm’s focus on disciplined cost control and technical development. He stated that Cuvva’s proprietary in-house systems allowed rapid product expansion and operational scale without increasing headcount. These efficiencies helped maintain high profit margins as the business grew.
Combined with cost discipline throughout 2024, we were able to scale efficiently, while maintaining strong profitability. Our core proprietary technology built in-house and our strong foundations gives us the flexibility to adapt quickly.
Freddy Macnamara, CEO at Cuvva
“We can build and scale new products and automate things easily. Continuously expanding to wider audiences with new offerings, cost-effectively serving our customers’ needs better, without adding headcount. These efficiencies continue to improve our long-term profitability,” Freddy Macnamara said.
Cuvva automated most of its operations. The team built internal chat tools, fraud detection systems, and claims bots. As a result, support interactions fell 90% per 1,000 users since January 2022.
Fewer than 20 employees handled roughly 250,000 customer chats. The Cuvva bot carried out 2mn verification and fraud checks in 2024, reducing average response time by half compared to the previous year.
The company closed the year with £17mn in cash and expects further profitable growth in 2025.
