Marshmallow, the UK insurance startup for migrants, raises $90M at a $2B+ valuation

U.K. startup Marshmallow has blown up over the years by using innovations in data science to build car insurance policies for immigrants and other consumers who have been overlooked or priced out of traditional insurance. Now, with a million drivers insured and a profitable annual revenue run rate of $500 million, Marshmallow has raised a fresh $90 million to expand. Marshmallow plans to use the funding to move into financial services, as well as more insurance products that it hopes will appeal to a population of people that — despite the chilling effects of Brexit — is growing. “We think of migration as a huge opportunity,” CEO Oliver Kent-Braham said in an interview. He noted that in the U.K., there are more people coming out of the workforce than there are going in, with 1.2 million migrants recorded coming to the U.K. in 2024 alone. “We need migration to put more people into work, and we want to help people move and integrate into the U.K.” In Marshmallow’s view, that integrati ... Read full article.