Marshmallow secures £15m credit facility from Triple Point to expand motor insurance offerings
Triple Point Private Credit provided the three-year revolving facility to help the insurtech reach a broader customer base.
Marshmallow is a digital insurer that uses machine learning to provide fairer coverage for drivers with non-standard histories.
Marshmallow has secured a £15m three-year revolving credit facility from Triple Point Private Credit to expand its motor insurance offerings to a wider demographic of customers. The funding follows the firm's previous Series B raise in 2021 and will support product expansion without increasing equity dilution for shareholders.
Triple Point Private Credit, known for backing companies like Bike Club, structured the debt facility after prolonged discussions with the insurtech's management team. Leadership at Triple Point cited Marshmallow's focus on accessibility and affordability as key drivers for the investment.
The London-based insurtech, founded in 2017, focuses on providing coverage to demographics often overlooked by traditional insurers, including young drivers, migrant workers, and individuals with poor credit histories. The company employs machine learning and alternative underwriting factors to determine risk profiles.
Investor perspective
"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,"
Gavin Maitland Smith
Head of Structured Finance, Triple Point
Use of funds
- 01Expand into international markets
Investors
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About the company
Marshmallow
Marshmallow provides fairer vehicle insurance for drivers with non-standard credit histories.