Marshmallow, a U.K. startup, has rapidly expanded by leveraging data science to offer car insurance tailored for immigrants and underserved consumers. With 1 million drivers insured and a revenue run rate of $500 million, the company has recently secured $90 million to diversify into financial services. CEO Oliver Kent-Braham emphasizes the potential of migration, noting the inflow of 1.2 million migrants in 2024. The startup's future plans include offering home insurance and loans, establishing itself as a comprehensive resource for new arrivals in the U.K.
"We think of migration as a huge opportunity," CEO Oliver Kent-Braham said. He noted that in the U.K., there are more people coming out of the workforce than going in, with 1.2 million migrants coming to the U.K. in 2024. "We need migration to put more people into work, and we want to help people integrate into the U.K."
Marshmallow plans to launch its first lending product later this year, building a "one-stop shop" for financial and insurance products for new arrivals in the U.K.
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