Marshmallow’s journey is a true story of startup success. Founded by twin brothers Oliver and Alexander Kent-Braham, the UK-based digital insurance company has rapidly scaled to a $2 billion valuation, proving that innovation, resilience, and purpose-driven leadership can redefine industries and create lasting impact.

UK Insurance Disruptor Expanding Into Lending and Financial Services

Marshmallow, the U.K.-based digital insurance startup founded by twin brothers Oliver and Alexander Kent-Braham alongside David Goaté, has achieved remarkable startup success, reaching a $2 billion valuation after its latest funding round.

Originally created to combat unfair insurance pricing for migrants, Marshmallow first made headlines in 2021 by becoming one of only two Black-founded startups in the U.K. to surpass a $1 billion valuation. Their previous $85 million Series B funding round included major investors like Passion Capital, Monzo, Investec, and Scor.

New Funding to Fuel Expansion

Now, in 2025, Marshmallow has secured an additional $90 million in funding. The round was led by Portage through its Portage Capital Solutions strategy, with participation from BlackRock and Columbia Lake Partners, as reported by TechCrunch.

“This is a very strong founding team,” Devon Kirk, General Partner and co-head of Portage Capital Solutions, told TechCrunch. “We believe financial services benefit immensely from diverse leadership and innovative approaches to unmet needs.”

CEO Oliver Kent-Braham shared that the new funds will be used to launch Marshmallow’s first lending product later this year. The company also plans to expand into a full suite of financial services, offering vital support for individuals moving to new countries.

Rapid Growth and Profitable Milestones

Highlighting their startup success, Oliver noted in a LinkedIn post: “Our ambition is to build a suite of financial products to help millions of people move to and live in new countries. We’ve raised capital at a >$2bn valuation to help us do that.”

Since its last funding round, Marshmallow has tripled its top-line revenue, surpassed a $500 million run-rate turnover, hired over 500 new employees, and turned profitable — a rare feat among fast-growing startups.

Marshmallow’s journey showcases not just a temporary achievement, but a blueprint for sustainable startup success, blending social impact with strong commercial growth. With the new funding, the company is well on its way to becoming a global leader in finance and insurance solutions.