Marshmallow secures $90M at a valuation of $2 billion
Summary
The investment, a mixture of equity and debt, from funds managed by BlackRock and CLP, will be used to further grow the business product offering and support plans for international expansion. Focused on providing car and van insurance to those who have moved to the UK, Marshmallow has now insured over one million drivers and has a turnover run rate of over $500 million, making it one of the largest fintechs in Europe.People who move to the UK continue to unfairly face higher prices compared to those born in the country. Following this fundraise, the business will expand its proposition to support newcomers across a wider range of unmet financial needs, becoming the one-stop financial services provider for people moving to the UK.Marshmallow will also seek to expand its proposition internationally, with the business planning to offer financial products to people who have relocated to other countries, extending beyond serving just those who have moved to the UK.Oliver Kent-Braham, Co-CEO and Co-Founder of Marshmallow, said: Our ambition is to become a one-stop-financial-shop for newcomers so they feel as though its easy to move to, and live in, a different country. There are still major financial services barriers that make it harder for newcomers to settle and take part in everyday life. 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.For more startup news, check out the other articles on the website, and subscribe to the magazine for free.