Marshmallow, Migrants' AssurTech raises funds

Marshmallow is a British AssurTech specialized in the automotive insurance proposal. But its model is particularly different from that of competition because of its target, since Marshmallow offers are particularly aimed at migrants. In addition to car insurance, it has also recently launched a new fundraiser which should allow it to extend its ambitions, both in terms of diversification and internationalisation of its offers.

FACTS

• Marshmallow has just raised funds for an amount close to $90 million. This funding, provided by Portage, BlackRock and Columbia Lake Partners, combines debt and equity.

• As a reminder the British FinTech was founded in 2017 and has specialized since its beginnings in the proposal of an accessible and fair car insurance offer (it takes into account the driving experience of immigrants acquired in their country of origin). It thus seeks to meet the specific needs of immigrants living in the United Kingdom.

• Its offer arouses lusts; the British FinTech had already raised nearly 85 million dollars Series B in 2021. It was then valued at $1.25 billion. Today, its valuation is estimated at $2 billion.

• Marshmallow further states that it has insured more than one million drivers since its inception and generated a turnover of $500 million.

ISSUES

• Diversification Marshmallow is now planning to rely on its new funds to evolve its model by offering a wider range of financial services. Without more precision at the moment, AssurTech would like to become a platform capable of meeting all the financial needs of its target.

• Internationalizing Marshmallow is also considering extending its offers outside its historical borders to meet the financial needs of immigrants around the world.

• A coveted niche market : The target of migrants is already served by various actors offering them financial services, like the offers offered internationally by NOW Money, WayaPay, Rebtel or by AXA for a long time. Particularly in the United Kingdom, according to data from the Office for National Statistics (ONS), 1.2 million long-term immigrants currently live in the country.

PERSPECTIVE

• The announcement of this new fundraiser comes on the margins of the publication of the last barometer State of Fintech directed by CBINSIGHTS. The latter highlights the fact that FinTechs raised nearly $10.3 billion worldwide in the first quarter of 2025. This represents an 18% increase over the same period last year.

• However, the number of transactions recorded fell by 3%, involving 777 FinTechs. The significant increase in this amount is notably borne by the record fund-raising recorded by Binance last March for $2 billion.

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