What Paydrive does

Paydrive AB is a Stockholm-based Swedish InsurTech founded in 2016 (operational launch) that pioneered telematics-based, usage-based car insurance in the Nordic market. The company offers mileage-based premiums composed of a fixed daily component and a variable per-kilometer component, with pricing personalized across more than 40 factors including real driving behavior collected via a proprietary Bluetooth Low Energy tag (the Paydrive Tag, 5x5cm, 28g accelerometer device installed behind the rearview mirror), an OBD2 bilbox, or direct Tesla integration through Smartcar's API. Driving data is analyzed in partnership with Cambridge Mobile Telematics (MIT-founded) and translated into a five-tier driving style classification (Supersäker, Säker, Okej, Osäker, Farlig) that drives premiums, real-time SMS/email warnings, Fria Mil (Free Miles) rewards for safe drivers, and a daily-updated individual CO2 footprint.

Paydrive distributes entirely direct-to-consumer through its website (paydrive.se / service.paydrive.se) and a BankID-authenticated customer portal (Mitt Paydrive), supported by a mobile app (Paydrive Pluto) and phone-based sales/service. Revenue is generated primarily through monthly car insurance premiums across three tiers (Trafikförsäkring, Halvförsäkring, Helförsäkring), supplemented by recurring add-on packages (Pluspaket 119 kr/month, Assistans & Självriskreducering 69 kr/month, Hyrbil & Trafikolycksfall 89 kr/month) and a separate connected-car subscription (Paydrive Sense at 139 kr/month with 20 GB in-car WiFi). Its insurance underwriter is Dina Försäkring AB, which acquired Paydrive outright in May 2023 for 77 million SEK, making Paydrive a wholly-owned subsidiary. The company is GDPR-compliant and operates exclusively in Sweden, with reported customer outcomes including a 4.6/5 Konsumenternas försäkringsbyrå rating and 90% of customers holding one of the two safest driving styles.

Name

Paydrive

Legal name

Paydrive AB (publ)

Website

https://paydrive.se

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Paydrive is a Stockholm-based Swedish InsurTech offering mileage-based car insurance whose premiums vary with real driving behavior collected via a BLE telematics tag, OBD2 device, or connected-car API. It serves Swedish private car owners and small-business fleet customers directly online, and has been a wholly-owned subsidiary of Dina Försäkring AB since May 2023.

Ownership category

akta.pro rank

Product category

Usage-based car insurance

akta.pro primary industry

Usage-Based / Telematics Personal Auto Insurance (FSAJAAAB)

akta.pro secondary industry

Pay-Per-Mile Personal Auto Insurance (FSAJAAAC)

Keywords

• Usage-based car insurance
• Telematics insurance
• Mileage-based insurance
• Pay-per-mile insurance
• Insurtech platform

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Usage-based Car Insurance Premiums: Paydrive's primary revenue comes from monthly car insurance premiums composed of two parts: a fixed daily/nightly rate (covering stationary risk) and a variable mileage-based rate (based on actual kilometers driven each month). Customers can choose between traffic insurance (Trafikförsäkring), half insurance (Halvförsäkring), or full insurance (Helförsäkring). Pricing is personalized based on over 40 factors including driving behavior data collected via telematics.
2. Add-on Insurance Packages: Additional revenue streams from optional insurance add-ons: Pluspaket at 119 kr/month (includes assistance with 3-day rental car, animal collision deductible reduction, vandalism deductible reduction, parking damage deductible reduction, and traffic accident coverage); Assistans & Självriskreducering at 69 kr/month; and Hyrbil & Trafikolycksfall at 89 kr/month.
3. Paydrive Sense Connected Car Service: Paydrive Sense is a separate subscription service (139 kr/month) that connects the car, providing 20 GB/month WiFi in the car, a digital driving journal, and additional smart services. The bilbox is rented from Paydrive and returned if the service is cancelled.
4. Driving Data Monetization: Paydrive collects and analyzes large volumes of telematics driving data (millions of driven miles since 2016) to continuously improve pricing algorithms and risk assessment models. While the data itself is not directly sold, it forms the core proprietary asset enabling personalized pricing and serves as a significant competitive moat in insurance risk analysis.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Paydrive offers mileage-based car insurance to Swedish consumers and small businesses, where premiums are calculated from actual kilometers driven and real driving behavior. Customers install either a Paydrive Tag (BLE device) or a Bilbox (OBD2 device) to capture driving data, which feeds a five-tier driving style scoring model (Supersäker/Säker/Okej/Osäker/Farlig) and dynamic monthly pricing. The insurance is underwritten by Dina Försäkring AB, while Paydrive operates the technology platform, customer portal (Mitt Paydrive), and mobile app (Pluto).

Product overview

Paydrive is a Swedish mileage-based car insurance company founded in 2016, operating as an insuretech that offers usage-based insurance pricing. The core product is Paydrive Bilförsäkring (car insurance), available as traffic, half, or full coverage with pricing based on actual kilometers driven. The product portfolio centers on Paydrive Pluto app and Paydrive Tagg/Bilbox for collecting telematics driving data, complemented by Paydrive Sense (a separate connectivity and WiFi service). Add-on insurance packages (Pluspaket, Assistans & Självriskreducering, Hyrbil & Trafikolycksfall) provide enhanced coverage. Customers access their accounts through Mitt Paydrive portal. Dina Försäkring AB is the insurance provider, with Paydrive handling the technology platform and customer interface.

Differentiator

Problem solved

Functional benefit

Brands

• Paydrive Pluto: Mobile app and telematics solution that tracks driving behavior, mileage, and provides driving style feedback using Bluetooth tag or direct car connection.
• Paydrive Sense

Products and services

• Paydrive Bilförsäkring (Car Insurance) Mileage-based car insurance for Swedish individual drivers and fleet operators, with coverage tiers of Trafikförsäkring (traffic), Halvförsäkring (half), or Helförsäkring (full). Pricing comprises a fixed daily rate plus a variable per-kilometer rate based on actual miles driven. Driving behavior data collected via telematics device personalizes premiums.
• Paydrive Sense Standalone subscription service at 139 kr/month connecting the car with 20 GB/month WiFi, digital driving journal, trip tracking, position alerts, and tire change reminders. Requires a Paydrive-rented bilbox (OBD2 device). Available to consumers and small businesses.
• Pluspaket (Plus Package) Add-on insurance package at 119 kr/month that can be added to half or full insurance. Includes 3-day rental car assistance, animal collision deductible reduction, vandalism deductible reduction, parking damage deductible reduction, and traffic accident coverage.
• Assistans & Självriskreducering (Assistance & Deductible Reduction) Add-on package at 69 kr/month including assistance insurance with 3-day rental car (towing, on-site repair, tire change, fuel transport, lock opening for cars under 17 years), animal collision deductible reduction, vandalism deductible reduction, and parking damage coverage.
• Hyrbil & Trafikolycksfall (Rental Car & Traffic Accident) Add-on package at 89 kr/month providing rental car compensation for up to 80 days for covered damages (fire, glass, theft, all-risk, vehicle or engine damage), plus traffic accident insurance covering medical disability or death for driver and passengers.

Quantifiable outcome

• 90% of Paydrive customers have one of the two safest driving styles (Supersäker or Säker)
• +5 more outcomes

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability5 records

Feature7 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Dina Försäkring ABcoreOthers · 9 May 2023Dina Försäkring AB acquired Paydrive for 77 million SEK in May 2023. Dina Försäkring AB is the insurance provider (försäkringsgivare) for Paydrive's insurance products. Dina Försäkring also processes personal data for insurance purposes. The acquisition was reported in Sak & Liv.
• Cambridge Mobile Telematics (CMT)coreTechnology or Integration · 20 December 2021Paydrive partnered with Cambridge Mobile Telematics (CMT) to power its Pluto app platform. CMT is a company at the forefront of telematics technology and innovation, founded by MIT researchers. CMT has dedicated itself to developing technologies that measure driving behaviors using mobile technology, sensors, and artificial intelligence. The partnership enables the Paydrive Pluto app with advanced driving behavior analysis, automatic trip detection, and real-time driving insights. This is described as a significant milestone in Paydrive's journey to transform the car insurance industry.
• Telia (Telia Sense)coreGTM or Marketing Partner · 31 May 2021Paydrive acquired Telia Sense and Telia became a new co-owner/shareholder in Paydrive. Paydrive took over Telia's Sense connected car product, rebranding it as Paydrive Sense. Telia retained a stake in Paydrive as part of the deal. The partnership provides 20 GB/month WiFi in car, digital driving journal, and smart connected car services. Paydrive logo appears on Telia's Sense page and Telia logo appears on Paydrive's Sense page.
• Protector ForsikringminorOthers · 30 April 2021Protector Forsikring took over as the insurance provider (försäkringsgivare) for Paydrive from 1 June 2021, prior to Dina Försäkring AB taking over in 2023.
• SmartcarcoreTechnology or Integration · 24 June 2020Paydrive partnered with Smartcar to enable direct vehicle connectivity for Tesla cars. This integration allows Tesla owners to have their driving data automatically collected without needing a separate OBD2 device or Paydrive Tag. Smartcar's API connects directly to Tesla vehicles.
• GjensidigeminorGTM or Marketing PartnerGjensidige (Norwegian insurance company) appears as a partner logo on Paydrive's service pages (service.paydrive.se/sense2/), suggesting a referral or co-distribution arrangement between the two insurers.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Regional players

• Gjensidige: Largest Norwegian general insurer and active Paydrive investor/partner (co-invested in 2017 and 2018 rounds; logo displayed on Paydrive Sense pages). Strategic Nordic partner enabling cross-border UBI distribution.

Broad incumbents

• Trygg-Hansa: Top-tier Swedish auto and home insurer (RSA/Intact subsidiary). Represents established Swedish market competitor that Paydrive's pay-per-mile and digital UX position itself against.
• If P&C Insurance: One of the largest Nordic P&C insurers (Sampo Group subsidiary) operating in Sweden, Norway, and the Baltics. Represented incumbent competition Paydrive directly addresses; could itself launch competing UBI products at scale.
• Folksam: Major Swedish mutual insurance company and one of the largest auto insurers in the country. Primary traditional-competitor benchmark in Paydrive's Konsumenternas comparison marketing efforts.
• Progressive: US-based national P&C insurer widely credited with popularizing usage-based auto insurance through its Snapshot program. Represents the incumbent-at-scale benchmark for what Paydrive could become with Nordic scale and continued data advantage.

Direct peers

• Metromile: US pioneer of pay-per-mile auto insurance, founded 2011, acquired by Lemonade in 2022. Closest international analog to Paydrive with identical mileage-based + telematics pricing model and direct-to-consumer digital distribution.
• By Miles: UK pay-per-mile auto insurer using a connected telematics tag to charge per-mile premiums. Same product architecture as Paydrive: mileage-based pricing combined with driving behavior feedback, targeting low-mileage drivers.
• Insure The Box: Telematics-based auto insurer operating in the UK and South Africa, using a black-box device to personalize premiums based on driving behavior. Closest peer to Paydrive's OBD2 bilbox hardware approach in non-US market.
• Root Insurance: US insurtech that initially priced auto insurance purely on telematics-driving-behavior data before expanding to traditional models. Directly comparable to Paydrive's driving-style scoring methodology (Supersäker/Säker categories mirror Root's behavioral rating).

Others

• Cambridge Mobile Telematics (CMT): MIT-founded telematics platform provider that powers the Paydrive Pluto app and supplies mobile-sensor driving analytics. Functions as core technology enabler/partner rather than competitor — used by many global UBI insurers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/paydriveab
• Instagraminstagram.com/paydriveab
• Xx.com/paydrive

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Paydrive