Marshmallow, a London-based insurtech founded in 2017, has secured $90 million in funding, achieving a valuation of $2 billion. Led by Portage Capital, with participation from BlackRock and Columbia Lake Partners, the funding will aid Marshmallow's expansion into financial services and more insurance products. The company targets immigrants and underserved populations, claiming to insure one million drivers. Its ambition is to evolve into a comprehensive financial resource for newcomers, addressing critical financial integration challenges amid rising migration rates to the UK.
"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."
"We think of migration as a huge opportunity. We need migration to put more people into work, and we want to help people move and integrate into the UK."
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