Marshmallow, one of the UK’s leading fintech companies, has announced a $90 million funding round backed by major investors including Portage, BlackRock, and Columbia Lake Partners (CLP). The funding—comprising a combination of equity and debt—has propelled the company’s valuation to just over $2 billion, nearly doubling since its Series B round three years ago.
The fresh capital will be used to expand Marshmallow’s suite of financial products and support the company’s ambitious plans for international growth. Known for offering affordable car and van insurance to individuals who have relocated to the UK, Marshmallow has now insured over 1 million drivers and reached an impressive turnover run rate exceeding $500 million. This makes it one of Europe’s largest and fastest-growing fintechs.
Marshmallow addresses a critical gap in the market: newcomers to the UK often face inflated insurance premiums compared to native-born residents. By leveraging proprietary technology and deep customer data insights, the company provides more equitable insurance solutions. Now, with this latest investment, Marshmallow plans to broaden its offerings to meet a wider range of financial needs for those moving to the UK—ultimately aiming to become a comprehensive financial services provider for immigrants.
The company also has its sights set beyond the UK. With this new funding, Marshmallow will begin extending its services to support people relocating to other countries, building on its vision to be a trusted global financial partner for expats and newcomers.
Oliver Kent-Braham, Co-CEO and Co-Founder of Marshmallow, shared:
“Our vision is to make it easy for people to move to and live in a new country. We’ve already helped over a million people with their insurance needs in the UK, but there’s so much more to be done. Newcomers still face significant financial challenges. With this funding, we can build solutions that remove those barriers and support our mission to make financial services more inclusive.”
Devon Kirk, General Partner and Co-Head at Portage Capital Solutions, added:
“Marshmallow is leading the way in solving key financial challenges for underserved customers. We believe in their mission to create a fairer financial ecosystem and are proud to back them as they enter the next phase of their growth journey.”
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