The funding round included participation from Portage Capital Solutions, as well as funds managed by BlackRock and CLP.
Founded to serve migrants relocating to the UK, Marshmallow provides car insurance to individuals who often face difficulties accessing traditional insurance products. The startup has since expanded its ambitions, aiming to become a comprehensive financial services platform tailored to the needs of migrants globally.
The fresh injection of capital follows significant growth for the company, which recently surpassed one million drivers insured and increased its annual turnover by 75% to £184 million in 2023. The new funding will support Marshmallow’s product development efforts and drive international expansion.
“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 Oliver Kent-Braham, co-founder and co-CEO of Marshmallow. “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.”
Investor confidence remains high. Devon Kirk, general partner at Portage Capital Solutions, praised Marshmallow’s mission and market approach: “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.”
The funding marks a significant milestone for the London-based startup, which last raised an $83 million Series B in 2021 when it first achieved unicorn status. Now with a renewed focus on global mobility and financial inclusion, Marshmallow is setting its sights far beyond UK borders.
