Marshmallow, the British insurance coverage unicorn, is near finalising a brand new capital injection valuing it at greater than £1.5bn, regardless of the tough funding surroundings going through many know-how corporations.
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Banking sources stated on Thursday that Portage Capital, a Canadian fintech investor, had been in discussions with Marshmallow for a while about main the fundraising.
Perella Weinberg Companions, the funding financial institution, is known to have been advising the British firm for a number of months.
At a valuation of greater than £1.5bn, it might characterize a considerable premium to Marshmallow’s final fundraising in 2021.
Based in 2015 by an identical twins Oliver and Alexander Kent-Braham and David Goaté, the corporate targets prospects who’re usually underserved by the insurance coverage market, together with immigrants and expats.
Amongst these beforehand disclosed as buyers in Marshmallow are Investec, the financial institution, and Ardour Capital, a distinguished enterprise capital agency.
Reviews final month stated Marshmallow’s 2023 revenues soared 75%.
The corporate now employs greater than 300 individuals.
It was additionally reported to have secured a £15m debt facility from Triple Level, a supplier of personal credit score, in Could 2023.
