Marshmallow has raised $90 million in funding to expand its financial service offerings for newcomers and pursue international growth.

Target Information

Marshmallow, a leading UK fintech company established in 2017, has raised $90 million in funding from prominent investors including Portage, BlackRock, and Columbia Lake Partners. Founded by twins Alexander and Oliver Kent-Braham along with software engineer David Goaté, Marshmallow specializes in providing car and van insurance for individuals who have relocated to the UK. Since its inception, the firm has gained significant traction, insuring over 1 million drivers and achieving a turnover run rate exceeding $500 million, which has contributed to its valuation of over $2 billion.

The funding, which combines both equity and debt, is expected to bolster Marshmallow's product offerings and facilitate its international expansion. By addressing the financial challenges faced by UK newcomers, the company aims to become a comprehensive financial services provider. With plans to extend its products to individuals relocating to other countries, Marshmallow is poised to serve a broader market.

Industry Overview

The UK fintech sector has emerged as a vibrant and competitive landscape, with numerous startups innovating to cater to the diverse needs of consumers. Fintech firms, particularly in insurance, play a critical role in addressing gap