A tech firm serving cheaper insurance to听immigrants, expats and nomads has raised 拢23.2 million.听
London-based听Marshmallow, which听uses a proprietary pricing algorithm to lower insurance prices for听these听groups,听did not disclose the investors in the听Series A听round which sees it hit a $300m valuation.听听
However听it is known that Outrun Ventures has participated, alongside a large financial institution. Passion Capital and Investec are previous investors.听
Marshmallow said it will听use the funding to improve听its听user experience and to expand into other insurance products and sectors.听听
鈥�We are disrupting a centuries-old industry.听It鈥檚 hard to get this right and to do it at a significant scale 鈥� but we鈥檝e got the right people to do it,鈥� said co-founder Alexander Kent-Braham.听听
鈥�So far, we鈥檝e built a car insurance product that works. But, more importantly, we have the tools to offer insurance to customers that traditional insurers struggle with.鈥澨�听
Kent-Braham founded the firm in 2018 with his identical twin Oliver and听David Goate. Industry veteran Tim Holliday joined听soon afterwards.听
Oliver Kent-Braham added:听鈥淚nsurance is a multi-trillion-dollar industry that touches billions of people.听听
鈥�We鈥檝e attracted some of the best engineers and data scientists in the world to disrupt it and we鈥檙e all excited to further digitise the customer experience and provide our customers with a whole suite of insurance products.鈥�听