Marshmallow has raised £70 million in a Series C funding round led by Portage, BlackRock, and Columbia Lake Partners, bringing the company’s valuation to just over £1.5 billion—nearly double its Series B mark.
Founded in 2017, Marshmallow was created to make financial services fairer for people who move to new countries. Since launch, it has insured over one million drivers, built a turnover run rate of £400 million, and established itself as one of Europe’s fastest-growing fintechs.
This new investment will fuel Marshmallow’s expansion into international markets and allow it to broaden its product suite. The company aims to build a full-service financial platform tailored to newcomers, continuing to address the structural barriers they face when accessing services like insurance.
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.
Oliver Kent-Braham, Co-CEO & Co-founder
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.
Devon Kirk, General Partner & Co-Head at Portage Capital Solutions
