Hello, tech enthusiasts! Today we’re diving into the incredible journey of Marshmallow, the UK-based insurance startup that’s making waves by catering to migrants.

Founded by Oliver Kent-Braham and his twin brother, the company is revolutionizing how car insurance is perceived by those often overlooked by traditional providers. With a million drivers insured and a whopping $500 million annual revenue, they’re not just in the game—they’re changing it!

Recently, Marshmallow raised $90 million to broaden its offerings into financial services and more insurance products. This funding will support their mission to assist newcomers in finding their footing in the UK.

In a recent chat, CEO Oliver highlighted the importance of migration, stating, ‘We think of migration as a huge opportunity.’ He pointed out that the UK is welcoming more migrants than ever, with over 1.2 million recorded in 2024 alone.

Marshmallow’s vision is to provide a seamless transition for these newcomers, offering everything from car insurance to home insurance, and even your next loan!

The funding round consists of both equity and debt, punted at a valuation of over $2 billion. This substantial increase from their last fundraising round shows just how far they’ve come as a company.

Interestingly, Marshmallow is not just about numbers; it emphasizes values of inclusivity and diversity. Unlike many startups, it’s one of the rare unicorns co-founded by a Black entrepreneur in the UK.

With data science and innovative technology at its helm, Marshmallow is paving the way for future insurtech startups. Investors are now keenly observing how it distinguishes itself in a crowded market, especially as it continues to redefine insurance with a fresh perspective.

Stay tuned for more updates as Marshmallow sets its sights on creating a holistic financial services platform that meets the needs of migrants!