Development Bank of Wales invests in start-up broker

Welsh flag set against blue skies

The Development Bank of Wales has invested £250,000 in Cardiff-based Driverly leading a pre-seed investment round of £525,000.

Driverly, which describes itself as an insurance broker on its website, was set up in 2021 to deliver subscription-based flexibly priced car insurance.

It is led by co-founders Armin Kia, the former head of business planning and development at Admiral Financial Services as CEO, chief technology officer Mohammad Alinia and chief data officer Nestor Alonso.

The development bank detailed that Driverly’s service tracks users’ driving, with new subscribers downloading an app and taking an initial

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