Marshmallow secures $18.6m credit facility from Triple Point

The announcement, made on May 23, 2023, states that this move will support Marshmallow’s customer acquisition efforts while minimising dilution for existing shareholders.

Triple Point’s decision to back Marshmallow stems from the insurtech’s use of technology and its focus on increasing accessibility to motor insurance for marginalised groups such as migrant workers, young drivers, and individuals with poor credit histories. Marshmallow’s mission to address the needs of underserved communities resonated with Triple Point’s investment philosophy, leading to the partnership.

Oliver Kent-Braham, the co-chief executive of Marshmallow, highlighted Triple Point’s track record in supporting tech scaleups and start-ups as a crucial factor in their collaboration decision. Kent-Braham expressed satisfaction with the partnership, stating that Triple Point “truly values our mission to open the insurance market for underserved communities.”

Triple Point, a UK non-bank lender, specialises in providing financial support ranging from $1.2m to $61m to various borrowers. Gavin Maitland-Smith, the head of structured finance at Triple Point, expressed enthusiasm to work with Marshmallow’s management team. He commended their ability to effectively launch and scale an insurance business and “their commitment to increasing affordability and accessibility for underserved segments of the community mirrors Triple Point’s purpose-driven approach to investing.”

The new investment backing from Triple Point Private Credit will provide Marshmallow with the necessary financial resources to continue its growth trajectory, expand its customer base, and further its mission of revolutionising the motor insurance landscape for traditionally overlooked communities.