“Can a data-driven insurer for migrants become the full financial-services stack for people who move countries?”
Founded in 2017 by twins Oliver and Alexander Kent-Braham with David Goaté, Marshmallow built proprietary pricing and fraud models to serve UK newcomers/migrants who were being mispriced by traditional car insurers. Since launching in 2018 it reached over 1M drivers insured and turned profitable at ~$500M revenue run rate. With its 2025 $90M raise at a $2B+ valuation, the company is now expanding beyond insurance into broader financial services for migrants, having already added home insurance and car finance.
Marshmallow uses Onfido, Zinc, CIFAS, LexisNexis, Ravelin, Insurance Fraud Bureau and footprint for KYC and identity verification.
Marshmallow's lending and capital products are provided by Marshmallow Credit Services Limited (in-house).
Marshmallow connects to bank accounts through Plaid.
Marshmallow's embedded insurance is provided by Marshmallow Insurance Limited (in-house) and Marshmallow Financial Services Limited (in-house).
The Embedded Finance Index 2026 maps 4 layers in Marshmallow's stack: Lending (Marshmallow Credit Services Limited (in-house) and Marshmallow Car Finance (HP up to £25k)); Insurance (Marshmallow Insurance Limited (in-house) and Marshmallow Financial Services Limited (in-house)); Open banking (Plaid); KYC (Onfido, Zinc, CIFAS, LexisNexis and 3 others).
Marshmallow was founded by Oliver Kent-Braham, Alexander Kent-Braham and David Goaté and is founded in 2017, headquartered in London, United Kingdom.
Marshmallow has raised unknown in total (latest round: $90M (2025); valuation: $2B+ (2025)).
Get a read on where your own stack stands against Marshmallow and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.