Marshmallow Funding News- London-based Marshmallow secures €79M in funding

Marshmallow also plans to grow internationally. The company wants to offer its financial products to people who have moved to other countries, not just those who have moved to the UK.

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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 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, commented: “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.”

Marshmallow is a FinTech company that wants to make life easier and more affordable for people moving to a new country. It was started in 2017 by twins Alexander and Oliver Kent-Braham, along with software engineer David Goaté, to help newcomers to the UK get fair car insurance.

Since then, Marshmallow has helped over one million customers, most of whom are new to the UK. The company became a unicorn (worth over €1 billion) in 2021 and now has a turnover run rate of more than €439 million. With a team of 700 people in London and Budapest, Marshmallow is building tech-driven financial products to support people who move to a new country.

Marshmallow believes that newcomers often have to pay more than locals for financial services, which isn’t fair. The company uses its own technology and customer data to offer better value. With its latest funding, Marshmallow plans to grow and offer even more financial products, aiming to become the go-to service for people starting a new life in the UK.