ImpactAlpha, June 12 – Marshmallow, a U.K. startup, plans to offer car insurance to the more than 9 million foreign born drivers who recently moved to the country.
The company says foreign-born residents lack access to fair financial services and are mistreated by the traditional financial sector, even though they are ambitious, educated and have economic potential. “A lot of insurers don’t attempt to understand foreign drivers living in the U.K., instead they just overcharge them,” said Marshmallow co-founder Oliver Kent-Braham.
- Seed round… Marshmallow raised a $1.2 million seed round ahead of launching its insurance offering later this year.
- Early backers… Passion Capital and Investec Bank have invested in Marshmallow’s pre-launch funding round.