Marshmallow

What Marshmallow does

Marshmallow is a London-headquartered insurtech founded in 2017 by identical twins Oliver and Alexander Kent-Braham and David Goaté, operating a digital-first insurance platform that targets UK newcomers, migrants, and expats. The company offers fully comprehensive car, van, and home insurance through a mobile app and direct website, supported by price comparison aggregators (Go Compare, Compare The Market, Quotezone, Confused.com). Its core differentiation is a pricing model that recognizes international driving experience and claims-free history from any country, with Wakam UK Limited as the underwriting carrier and PremFina handling premium financing for monthly Direct Debit payers. Reported FY2023 turnover was £184.1M, with annual sales growth of 114.54% over three years and a customer base of 200,000+.

The platform is built on a data architecture that integrates OEM vehicle telemetry, credit bureau data (Experian, Equifax, TransUnion), identity verification (Onfido), telematics (Sentiance/Marshmallow Go), and fraud signals (CIFAS, Insurance Fraud Bureau, Ravelin, LexisNexis). AI and machine learning drive predictive risk pricing, automated underwriting decisions, and anomaly detection, with TransUnion's Modelled Income Assessment added in 2025 to support affordability decisions for both insurance and auto finance. Marshmallow operates FCA-regulated entities (Marshmallow Financial Services Limited and Marshmallow Credit Services Limited) and has expanded beyond car insurance into home, van, and — as of 2025 — car finance in partnership with Evolution.

Revenue is generated primarily through insurance premiums and commission, with reported FY2023 commission and fees of £54.8M on £184.1M turnover. The company is funded through a $90M Series C (April 2025) led by Portage with BlackRock and Columbia Lake Partners, achieving a $2B+ valuation on top of a prior $85M Series B led by Hedosophia in 2021 that first brought the company to unicorn status. Stated strategy is to broaden from insurance into a full-stack financial services platform for migrants globally, beginning with European expansion and a planned lending product.

Name

Marshmallow

Legal name

Marshmallow Technology Ltd

Website

https://marshmallow.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Marshmallow is a London-based insurtech founded in 2017 that provides fully comprehensive car, van, and home insurance to UK newcomers, migrants, and expats, using AI-driven pricing that recognizes international driving experience. The company serves 200,000+ customers and is expanding into car finance and European markets.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Insurance Premiums: Primary revenue from annual or monthly insurance premiums for car, van, and home insurance policies. All policies are fully comprehensive. Premiums are calculated based on risk assessment using data and machine learning, with customers paying monthly or annually.
2. Add-on Products: Revenue from optional add-ons including breakdown cover (via The AA), excess protection, motor legal protection, European roaming upgrades, and windscreen cover on higher-tier plans.
3. Commission and Fees: Commission income from insurance underwriting and fees. In 2023 generated £54.8 million in commission and fees with £184.1 million in turnover.
4. Car Finance Services: Revenue from car finance/origination services, with partnerships for motor finance offerings and potential lending products in development.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Marshmallow is a digital-first insurtech platform that sells fully comprehensive car insurance, van insurance, home insurance, and car finance products directly to consumers in the UK. Its core differentiator is recognising international driving experience and claims-free history from any country, allowing UK newcomers, migrants, and expats to receive fair pricing rather than being penalised for lacking UK driving history. Policies are sold and serviced via the Marshmallow website and mobile app, with pricing driven by an AI/ML-based risk model.

Product overview

Marshmallow is a digital-first InsurTech platform offering a portfolio of insurance and financial services products primarily targeting UK newcomers, migrants, and expats. The core offering is fully comprehensive car insurance available in four plan tiers (Lightest, Essential, Original, Plus), supplemented by van insurance, home insurance, and car finance services. The platform leverages telematics through its Marshmallow Go app and offers add-on modules including breakdown cover (via The AA), Motor Legal Protection, Excess Protection, and European Roaming upgrades. The company also provides a No Driving Discount program and operates a mobile app for policy management. The architecture follows a platform-plus-modules model where the core insurance products serve as the foundation, with optional add-ons and complementary services expanding customer value. In 2025, the company announced plans to expand into financial services beyond insurance, including a lending product.

Differentiator

Problem solved

Functional benefit

Products and services

• Car Insurance Fully comprehensive car insurance policies for UK residents, with pricing that recognises international driving experience and claim-free history from any country. Available in four tiered plans (Lightest, Essential, Original, Plus) with optional add-ons including breakdown cover (The AA), motor legal protection, excess protection, and European roaming upgrades.
• Van Insurance Fully comprehensive van insurance for personal use, commuting (SDPC), and business use (carriage of own goods). Designed to support UK newcomers and small business users.
• Home Insurance Fully comprehensive home insurance covering buildings and contents for UK residents, sold online with personalised pricing.
• Car Finance Car financing solutions for UK newcomers, operated through Marshmallow Credit Services Limited (FCA reference 1024606) in partnership with Evolution for motor finance origination.

Quantifiable outcome

• UK newcomers save an average of £392 on car insurance
• +9 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration18 records

AI capability6 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core, major and minor.

• TransUnion UKcoreTechnology or Integration · 25 June 2026Multi-year partnership for TransUnion's Modelled Income Assessment solution within the Affordability Report, using machine learning to help estimate income for affordability decisions in the insurance and auto finance sectors.
• EvolutionmajorStrategic or Co-development Partner · 26 September 2025Partnership for motor finance push, expanding Marshmallow's financial services offerings beyond insurance into car financing.
• ClickMechanicminorStrategic or Co-development Partner · 15 October 2024Partnership offering Marshmallow policyholders lower servicing costs for vehicle repairs and maintenance.
• OnfidocoreTechnology or IntegrationIdentity verification partner using AI to verify customer identities through passport, driving licence photos and selfie verification during onboarding.
• SentiancecoreTechnology or IntegrationTechnology partner operating the Marshmallow Go app for telematics and driving behavior tracking, collecting location data, driving patterns, and behavioral insights.
• Wakam UK LimitedcoreStrategic or Co-development PartnerInsurance policy underwriter for Marshmallow Insurance Limited policies, providing the underlying insurance coverage.
• The AAcoreChannel Partner/ Reseller/ DistributorRoadside Breakdown Cover provider for Marshmallow Plus policies and upgrade option for other tiers. Provides emergency roadside assistance and breakdown services.
• Amazon ExtrasminorGTM or Marketing PartnerPartnership offering Marshmallow customers access to Amazon Extras benefits and rewards program.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Zego: UK insurtech offering motor and gig-economy focused insurance with app-based distribution and data-led pricing. Closest direct peer given shared UK insurtech model, mobile-first GTM, and reliance on alternative data for risk assessment.
• Bought By Many (Many Pets): UK-founded insurtech that scaled by serving niche customer segments underserved by incumbents. Shares the data-led, niche-segment specialization strategy that has driven Marshmallow's growth.
• Cuvva: UK car insurtech selling fully-digital, app-based policies including short-term and pay-as-you-go cover. Comparable digital-first car insurance product targeting younger and underserved drivers in the UK.
• By Miles: UK pay-per-mile telematics car insurance startup. Direct competitor in the UK app-based, telematics-driven motor insurance category where Marshmallow Go operates.

Others

• Wise: Cross-border financial services platform originally built for migrants and expats. Comparable customer-vertical strategy targeting newcomers and underserved international users, though in money transfer rather than insurance.
• Revolut: Digital bank with strong penetration among UK migrants and expats. Adjacent competitor for the broader 'migrant financial services' wallet that Marshmallow is building toward with its planned lending and financial services expansion.

Emerging players

• Laka: UK insurtech using collective-based and data-driven pricing models for cycling. Operates in the same UK insurtech ecosystem with comparable technology-driven approach, though in a different line of insurance.

Broad incumbents

• Direct Line Group: Major UK motor and home insurance incumbent with strong brand and broad product portfolio. Represents the established competitor Marshmallow is disrupting in the UK motor market.
• Admiral Group: Largest UK motor insurance provider with price-comparison-led distribution. A direct incumbent competitor, particularly relevant given shared reliance on PCWs like Compare The Market and Confused.com.
• Hastings Direct: UK digital-first motor and home insurer targeting price-sensitive customers. Comparable positioning as a data-led, direct-to-consumer UK motor insurer competing in the same PCW and direct channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/getmarshmallow
• Facebookfacebook.com/marshmallowinsurance
• LinkedInlinkedin.com/company/marshmallow-technology-ltd
• Instagraminstagram.com/getmarshmallow/?hl=en

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds7 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marshmallow