Marshmallow became the UK’s first Black-founded unicorn by building a car insurance company for people traditional insurers overcharge — immigrants, expats, and people with non-UK driving histories. The Kent-Braham twins raised $100 million and were valued at $1.25 billion. They found money in a demographic that mainstream insurers treated as unprofitable. Turns out, people who’ve been driving for 15 years in another country aren’t actually bad drivers. They’re just badly priced.
Founded
2017
HQ
London, UK
Total Raised
$100 million
Founder
Oliver Kent-Braham, Alexander Kent-Braham
Status
Private
Website
www.marshmallow.comTHE ORIGIN STORY
Oliver and Alexander Kent-Braham, twin brothers of Trinidadian descent, noticed that immigrants to the UK paid outrageously high car insurance premiums. Traditional insurers treated foreign driving experience as worthless, pricing newcomers as if they’d never driven before.
The twins founded Marshmallow in London in 2017 to use data science to better assess risk for people with international driving histories. By properly valuing overseas driving experience, they could offer significantly cheaper policies to an underserved market.
WHAT THEY ACTUALLY DO
Marshmallow is a fully licensed insurance company that underwrites motor insurance policies in the UK. Revenue comes from premiums collected minus claims paid.
Their data science gives them a pricing advantage — they can profitably insure customers that traditional insurers overcharge.
The company has expanded beyond immigrants to serve a broader UK market, using the same technology-driven underwriting approach.
THE PRODUCTS
Motor insurance with instant online quotes. Data-driven pricing that properly values international driving experience.
Mobile app for policy management and claims. Quick claims processing with AI-assisted assessment.
HOW THEY GREW
Marshmallow grew through the immigrant and expat community in the UK — word of mouth among people who were being overcharged by traditional insurers. Social media marketing targeting international communities.
Expansion into the broader UK motor insurance market with competitive pricing enabled by better data.
THE HARD PART
The UK motor insurance market is extremely competitive and price-sensitive. Claims inflation has been rising across the industry.
Scaling beyond the initial niche of immigrant drivers into the mainstream market means competing on price and brand against giants like Admiral and Direct Line.
MONEY TRAIL
Seed
2018 · Led by Passion Capital
$5M raised
Series A
2020 · Led by Investec
$30M raised
Series B
2021 · Led by Various
$85M raised
$1.3B valuation
WHO BACKED THEM
Investors include Passion Capital, Investec, and others. The 2021 round valued Marshmallow at $1.25 billion, making it the UK’s first Black-founded unicorn.
Total funding of approximately $100 million.
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