A London based Insurtech Company Marshmallow announced that they have secured US$ 30 million investment on 2nd November 2020.
The enterprise hasn’t disclosed the names of investors of the latest funding round. They are planning to use this funding in continuation of scaling their business and launching it in other countries and including more types of insurance covers in the next 1.5 years. They have their main aim on inclusion and diversity.
The easy and affordable car insurances
Marshmallow offers easy, instant and affordable insurance coverage plans. The customers can manage their policy in an instant through their effortless web app. They also provide personal customer chat to avoid telephone queues. Their comprehensive insurance plan covers everything under car insurance like car damage, theft, fire, injuries property damage, windscreen damage, Courtesy car, and 60 days European union cover.
Insurance is a service which is essential for everyone but it still has a reputation of providing no benefits to the society. Their mission is to change this. They believe that insurance should be easily and reasonably available at an affordable cost. With use of technology they make it possible for a person with no credit history or a UK driving license to get car insurance at best price.
They are a team of around 50 people with the best talent in insurance, design, data and technology who share a commitment to revolutionize the insurance industry. The current valuation of the Marshmallow is US$ 310 million.
The enterprise focuses on three main points; insuring people whom the other insurance companies don’t, making the insurance management easy for the customers and employing the best available technology for offering a prominent insurance product.
About Marshmallow
The insurance tech enterprise Marshmallow was founded in 2017 by Oliver Kent-Braham, Alexander Kent-Braham and David Goate. It is headquartered in London, England. The company uses a proprietary algorithm of pricing to decrease the insurance cost for expats, immigrants and nomads. They are a legacy-free, technology based and purpose driven insurance company who set up the insurance covers for the most undeserved portion and foreign born drivers. They have developed a proprietary rating matrix and new data sources that offer significant savings for the people who are earning their living as a driver in a foreign country. Their aim is to make the financial health of 250 million people living in foreign countries better. They invest in cutting edge technology to improve their operations and transfer the savings to their customers.
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