News Summary

UK-based startup Marshmallow, known for its innovative car insurance services for migrants, has raised $90 million at a valuation exceeding $2 billion. The funding round is led by Portage Capital, with participation from BlackRock and Columbia Lake Partners. Marshmallow intends to utilize the new funds to expand into financial services, including home insurance and lending products, aiming to become a comprehensive financial solution for migrants integrating into the UK. Founded by twins Oliver and Alexander Kent-Braham along with David Goaté, Marshmallow is one of the few unicorns in the UK founded by Black entrepreneurs. The startup emphasizes inclusivity and diversity, which is seen as a strength by its investors.