Marshmallow Financial Services is soon to announce its latest fundraising round that will bring its valuation to $1.2bn (£869m), joining the ranks of other recent UK unicorns Starling Bank, Gousto and Zego.
Its latest cash injections is fuelled largely by existing investors, according to reports in Sky News citing “city insiders” with knowledge of the matter.
Founded in 2018 after raising $1.2m in a seed round, London-based insurtech Marshmallow uses a special algorithm to lower car insurance prices for immagrants, expats and people travelling in the UK.
News of the insurtech’s latest bumper funding round comes a month after new data revealed London is home to almost a third of all tech unicorns in Europe, as the capital continues to attract the continent’s top talent.
Dealroom data from the start of July counted 71 private tech firms valued at $1bn or more in London – a substantial chunk of the total 268 unicorns across Europe. When Marshmallow formally announces its latest funding round, this chunk will rise to 72.