Insurtech group Marshmallow has raised $90m (£68m) in a combined debt and equity raise at a valuation of $2bn.
Three years after Marshmallow, which provides vehicle insurance services to migrants to the UK, secured unicorn status off the back of an $83m Series B, the company has now almost doubled its valuation.
Having surpassed one million drivers insured and grown its turnover 75% to £184m in its most recent accounts – for 2023 – Marshmallow said the new capital will support its plans for new product development and international expansion.
Originally focused on providing a car insurance platform to people who move to the UK, the company said it now aims to create a holistic financial platform to meet the needs of migrants.
Marshmallow also aims to do for customers moving to other countries what it has done for people moving to Britain.
“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 co-founder and co-CEO Oliver Kent-Braham.
“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.”
The new funding came from Portage Capital Solutions and funds managed by BlackRock and CLP.
“Marshmallow is a clear leader in innovating to solve important financial challenges for consumers,” said Portage general partner Devon Kirk.
“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.”
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