Marshmallow is a car insurance start-up. It provides insurance for cars with the help of various indicators that are determined by a set of data and special algorithms. Marshmallow attracts more customers with more competitive rates.
The new investments were made by already participated companies – Passion Capital, Investec, and Scor. With the raised funds, Marshmallow was managed to achieve unicorn status. It becomes the first start-up in the UK owned by Black people that achieved this status.
Marshmallow was founded in London, in 2017, by twins Oliver and Alexander Kent-Braham, and software engineer David Goaté. In the beginning, the company’s target audience was only expats, who usually have higher insurance rates. Marshmallow’s advantage is that they try to rethink the way the insurance is provided. The company now plans to help people to drive better, as well as widen the range of services. As of now, Marshmallow gave 100 000 insurances, and the company aims at geographical expansion to Europe.
“We try to use more data than our competitors to underwrite people and then to digitize everything” Kent-Braham said.
