Things To Know About Marshmallow
Marshmallow was founded in 2017 and headquartered in London. The company holds specialties in the sectors of insurance, Fintech, finance, financial marketing and insurtech. The privately held company makes tech insurance more affordable and accessible at an extreme limit for it’s policyholders. The company is aiming for more expansion in coming 2 years for it’s services in more regions of the country. The company majorly focuses to make motor insurance accessible to underrepresented sectors and currently has secured a £15m three-year revolving credit facility from Triple Point Private Credit in it’s funding by providing fair and affordable motor insurance to underprivileged communities with proper coverage.
The £15m funding round was led by Triple Point Private Credit, a firm that works with borrowers to maximize their motility by structuring working capital facilities that are best suited for their requirements and facilitate growth. This investment has leveraged Marshmallow’s ambitious efforts to reshape the motor insurance sector and serve ultimate coverages to it’s customers towards a broader way.
The company focuses on providing services to the section of crowd like migrant workers, individuals with poor credit history, and young drivers. By leveraging cutting-edge technology and a unique business model to the market, the company has been able to provide insurance solutions that are both fair and affordable. This boy only marks customer interest towards the policies but also makes a profitable move for the company.
How The New Funding Will Be Used-
The new funding will be used in supporting Marshmallow’s growth and expansion. It has a plan to offer affordable monthly payment options to an even wider range of customers, especially in the motor insurance sector. The following amount will allow the firm to grow its customer acquisition without incurring additional dilution to existing shareholders in any way.
What Are The Views Of Leading Members Of The Firm On This
Gavin Maitland Smith, head of structured finance, Triple Point, said, “We have held conversations with Marshmallow’s management for some time about how we may help them with their funding requirements and are excited to be working with a management team that have successfully launched and scaled an insurance business so impressively. More importantly, their commitment to increasing affordability and accessibility for underserved segments of the community mirrors Triple Point’s purpose-driven approach to investing.”
Oliver Kent-Braham, co-CEO, Marshmallow, said, “We are really pleased to partner with Triple Point. They have a great track record working with other tech scale-ups and start-ups, and they truly value our mission to open up the market for underserved communities.”
