Marshmallow Financial Services is soon to raise its latest fundraising round, bringing its valuation to $1.2bn, joining the ranks of other recent UK unicorns Starling Bank, Gousto and Zego.
Its latest cash injections is fuelled largely by existing investors, according to reports in Sky News citing “city insiders” with knowledge of the matter.
Previously, the company secured $30m from investors including Passion Capital, Chris Adelsbach, Outrun Ventures, and Will Brooks at a $310m valuation. The company’s value has risen four-fold since the last funding round.
Founded by twins Oliver and Alexander Kent-Braham and David Goaté, the London-based InsurTech uses a special algorithm to lower car insurance prices for immigrants and expats in the UK. The company quadrupled its customer base to more than 50,000 last year and increased its workforce to 100.
The funding round comes after new data revealed London is home to almost a third of all tech unicorns in Europe, as the capital continues to attract the continent’s top talent.
Dealroom data from the start of July counted 71 private tech firms valued at $1bn or more in London – a substantial chunk of the total 268 unicorns across Europe. When Marshmallow formally announces its latest funding round, this chunk will rise to 72.
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