How Marshmallow is Changing the Insurance Game for Migrants in the UK

Marshmallow, a UK-based insurance company, has raised $90 million to grow its work. What makes Marshmallow different is that it helps migrants and people who find it hard to get car insurance in the UK.

The company was started by twin brothers, Oliver and Alexander Kent-Braham, and their friend David Goaté. They saw that many migrants were being charged too much or not given insurance at all, just because they didn’t have a UK credit history. So, they started Marshmallow to fix this problem.

Marshmallow gives car insurance to over 1 million people. The company earns about $500 million a year and is already making a profit, this is something rare for new companies. With the new money, Marshmallow plans to offer more help, like home insurance and small loans, to support new people in the UK.

Oliver says that migration is good and brings new chances. In 2024, about 1.2 million people moved to the UK. Marshmallow wants to make life easier for them by offering simple and fair services.

The new funding comes from big investors like Portage Capital, BlackRock, and Columbia Lake Partners. With this money, the company is now worth more than $2 billion.

Marshmallow is also one of the few successful UK startups started by Black founders, which makes their story even more powerful and inspiring.

Marshmallow is working to become a trusted name for insurance and money services for migrants and others who are often left out by other companies.