The news is out! We’re proud to announce that we've just closed a new Series C funding round - raising $90 million from Portage, BlackRock and Columbia Lake Partners. The raise brings Marshmallow’s valuation to just over $2 billion, almost double what it was at our Series B three years ago.
Since launching in 2017, we’ve focused on making financial services fairer for people who move to a new country. In that time, we’ve insured over one million drivers, built a turnover run rate of $500 million, and become one of the fastest-growing fintechs in Europe.
Now, this funding marks an exciting new chapter for us. It will help us expand our product offering, continue investing in our technology, and launch Marshmallow into new markets.
Here’s what that means in more detail…
Building for people who move
Right now, people who move to the UK still face higher prices on essential services like insurance just because they weren’t born here. We’re here to change that.
So far we’ve combined our home-grown technology with rich customer data to build a car insurance product that gives newcomers the fair value they deserve. With this new funding we’ll keep using this tried and tested approach to expand our product offering, helping solve more of the financial challenges people face when they move to a new country.
In a nutshell: we’re going to become a one-stop-financial-shop for newcomers.
Expanding beyond the UK
We’ll also use the investment to grow internationally, supporting people who’ve relocated not just to the UK, but around the world. Wherever people are starting a new life, we want to be there to help.
Here’s what our Co-CEO and Co-Founder, Oliver Kent-Braham, had to say:
“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. 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.”
Devon Kirk, General Partner & Co-Head, Portage Capital Solutions, added:
“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.”
We’re proud of how far we’ve come - but even more excited about what’s ahead.
Want to join us on the journey? We’re hiring.
