Overview
Paydrive is a Swedish usage-based car insurance provider for individual drivers, offering premiums calculated from actual miles driven and individual driving behavior. The company, founded in 2013, built its insurance platform around the principle that safe, low-mileage drivers should not subsidize higher-risk demographic groups. Coverage is offered in three tiers -- Full (Allrisk), Half (Halvforsakring), and Traffic (Trafikforsakring) -- with premiums adjusted on a quarterly basis.
The core of the platform is QOTA (Quarterly Optimized Telematics Algorithm), a proprietary pricing engine that processes telematics data from OBD2 devices, smartphones, and IoT sensors. In December 2021, Paydrive integrated Cambridge Mobile Telematics (CMT) DriveWell driving intelligence data into QOTA to enhance behavioral scoring. The company also acquired the Telia Sense connected car IoT platform in May 2021, rebranding it as Paydrive Sense and extending its data capabilities into fleet and dealer applications.
In June 2023, Paydrive was acquired by Dina Forsakring AB (part of Dina Forsakringar) following a public takeover bid at SEK 8.94 per share -- a 58.2% premium. Paydrive continues to operate as an independent subsidiary under its own brand. Prior to acquisition, the company raised approximately USD 6.8M across seed and growth rounds from investors including NFT Ventures, Gjensidige, and Alands Omsesidiga Forsakringsbolag.
Products & Services
Paydrive Bilforsakring (Car Insurance)
Usage-based and behavior-based car insurance with quarterly premium adjustments based on miles driven and driving behavior scores. Available in three coverage tiers: Full (Allrisk, up to SEK 70,000), Half (Halvforsakring), and Traffic (Trafikforsakring).
Key Features
- Quarterly premium optimization via QOTA algorithm
- OBD2 device and smartphone telematics data collection
- Pay-per-mile pricing with behavioral scoring
Target Users: Individual Swedish car owners
Paydrive Sense
Connected car IoT platform (acquired from Telia Sense, May 2021). Enables car dealers, service stations, and automotive brands to access connected vehicle data and build new service offerings.
Key Features
- Connected car data collection and management
- B2B platform for automotive ecosystem partners
- IoT sensor integration
Target Users: Car dealers, service stations, automotive brands
CO2 Tracking
Real-time individual carbon footprint monitoring tied to driving telematics data. Launched March 2023, allowing customers to track vehicle CO2 emissions alongside their insurance usage data.
Key Features
- Real-time CO2 emission calculation per trip
- Integrated with core telematics platform
- Supports individual sustainability goals
Target Users: Paydrive insurance customers
Pluspaket
Optional enhanced protection add-on available with core car insurance products.
Target Users: Existing Paydrive insurance customers
At a Glance
- Founded
- 2013
- Headquarters
- Stockholm, Sweden
- Employees
- 11-50
- Funding
- Acquired
Category & Focus
- Category
- Specialty Solutions
- Subcategories
- Usage-Based Insurance Telematics Insurance Connected Car
- Insurance Verticals
- P&C Personal
- Target Customers
- Consumers
Links
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Last updated: 2026-06-05