Insurtech Unicorn Triple Point Gives Marshmallow £15m Credit Line

The last time challenger auto insurer Marshmallow raised money was in 2021, when it did a stock round that made it worth more than $1 billion.

Triple Point Private Credit has given Marshmallow, a digital auto insurance start-up, a £15 million revolving credit line for three years.

The facility will help Marshmallow sell more of its goods to a wider range of customers, mostly in the auto insurance industry, and give shareholders less of a stake in the company.

In 2017, Oliver and Alexander Kent-Braham, who are twins, and David Goaté, who is also a twin, started Marshmallow. It gives protection to people who don’t have a lot of options, like migrant workers, people with bad credit, and young drivers.

It has raised almost £100 million in funding so far. Its most recent round, a $85 million series B raise in 2021, pushed its value over $1 billion.

Triple Point is one of the biggest nonbank lenders in the UK. It usually lends between £1 million and £50 million.

“We have held conversations with Marshmallow’s management for some time about how we may help them with their funding requirements and are excited to be working with a management team that have successfully launched and scaled an insurance business so impressively,” said Gavin Maitland Smith, Head of Structured Finance, Triple Point.

“More importantly, their commitment to increasing affordability and accessibility for underserved segments of the community mirrors Triple Point’s purpose-driven approach to investing,” he added.