Insurance coverage unicorn Marshmallow finalises fundraising at £1.5bn valuation

Marshmallow, the British insurance coverage unicorn, is near finalising a brand new capital injection valuing it at greater than £1.5bn, regardless of the troublesome funding setting going through many expertise corporations.

Sky Information has learnt that Marshmallow is in superior talks to safe tens of thousands and thousands of kilos in its first main fairness fundraising in additional than three years.

Banking sources stated on Thursday that Portage Capital, a Canadian fintech investor, had been in discussions with Marshmallow for a while about main the fundraising.

At a valuation of greater than £1.5bn, it will symbolize a considerable premium to Marshmallow’s final fundraising in 2021.

Based in 2015 by equivalent twins Oliver and Alexander Kent-Braham and David Goaté, the corporate targets clients who’re sometimes underserved by the insurance coverage market, together with immigrants and expats.

Amongst these beforehand disclosed as buyers in Marshmallow are Investec, the financial institution, and Ardour Capital, a distinguished enterprise capital agency.

Stories final month stated Marshmallow’s 2023 revenues soared 75%.

The corporate now employs greater than 300 folks.

It was additionally reported to have secured a £15m debt facility from Triple Level, a supplier of personal credit score, in Might 2023.

Marshmallow didn’t reply to emails to one in all its co-founders or an deal with set as much as deal with media enquiries.