The funding round will enable the business to expand its product suite and launch into new markets
LONDON: 07.00 BST, 15 April 2025: Leading UK fintech, Marshmallow, today announces that it has raised $90 million worth of funding from Portage, BlackRock and Columbia Lake Partners. The raise comes three years after the business’ Series B, in which time, it has almost doubled its valuation to just over $2 billion.
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. The successful fundraise follows a period of impressive and sustained growth. Focused on providing car and van insurance to those who have moved to the UK, Marshmallow has now insured over 1 million drivers and has a turnover run rate of over $500m, 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. Marshmallow has been focused on providing better value to these customers and will continue to leverage its proprietary technology and rich customer data to do so. 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 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.”
About Marshmallow
Marshmallow is a fintech company on a mission to make living in a new country easier and more affordable. The business was founded in 2017 by twins Alexander and Oliver Kent-Braham, and software engineer David Goaté to help people who move to the UK get a fairer deal on their car insurance. Today, Marshmallow has provided cover for over one million customers, most of them UK newcomers. The company reached unicorn status in 2021 and in 2023 was named by The Financial Times as the second-fastest growing company in Europe. With 700 employees across London and Budapest, Marshmallow continues to be committed to backing people who move country with a range of tech-first financial products.
To learn more visit: https://www.marshmallow.com/
About Portage
Portage is a global investment platform focused on fintech and financial services with over US$3.3B under management, 65+ portfolio companies in 13 countries, and 20+ investment professionals across 4 countries.
Our team partners with ambitious companies across all stages, through Portage Ventures and Portage Capital Solutions. We provide flexible capital and deliver a global network of investors, commercial partners, advisors, and value creation experts. Our dedicated value creation team provides portfolio companies with hands-on support in go-to-market, tech & cyber, business acceleration and M&A, and partnerships to accelerate their paths to success. With deep industry knowledge and entrepreneurial experience, Portage is committed to supporting the leaders who are reshaping financial services.
Our Partnerships team focuses on long-term commercial collaboration opportunities and has generated 120+ partnerships between corporate financial institutions and portfolio companies. Portage operates in the United States, Canada and Europe. Portage is a platform within Sagard, a global multi-strategy alternative asset management firm with over US$27B under management.
For more information, visit www.portageinvest.com.