British InsurTech firm Marshmallow, which provides car and van insurance for people who have recently moved to the UK, has raised around £68m in new funding.
The investment round, which combines both equity and debt, saw participation from Portage, BlackRock and Columbia Lake Partners, according to Business Cloud.
The funding has nearly doubled Marshmallow’s valuation to over £1.5bn. The raise comes three years after the company’s Series B round.
Marshmallow, founded with the aim of making insurance more accessible for immigrants and expats, has carved out a unique space in the UK market.
The company uses proprietary technology and deep customer data insights to offer more equitable pricing, challenging the often higher premiums faced by newcomers.
With this new capital, the London-based firm intends to enhance its product suite and broaden its reach beyond the UK. The company plans to offer financial services to immigrants in other countries, expanding its vision of becoming a comprehensive financial platform for global citizens.
To date, Marshmallow has insured over one million drivers and boasts a turnover run rate exceeding $500m. The company’s mission is rooted in improving financial access for people often marginalised by traditional insurers.
“Our ambition is to become a one-stop-financial-shop for newcomers so they feel as though it’s easy to move to, and live in, a different country,” said Marshmallow co-CEO and co-founder Oliver Kent-Braham. “We’ve already supported over one million people in the UK with their insurance needs, but we’re only just scratching the surface. There are still major financial services barriers that make it harder for newcomers to settle and take part in everyday life. This funding gives us the capital to solve these problems and deliver against our mission.”
Portage Capital Solutions general partner & co-head Devon Kirk said, “Marshmallow is a clear leader in innovating to solve important financial challenges for consumers. We are confident in the business’ ability to continue developing solutions for a fairer financial ecosystem, and we are excited to support this strong team as it enters its next stage of growth.”
Marshmallow’s latest raise follows its last major investment, a Series B round completed in 2021.
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