Triple Point Private Credit Team are pleased to announce the completion of a £15 million three-year revolving credit facility for Marshmallow. Established in 2017, Marshmallow aims to make motor insurance accessible to poorly served customer sectors, such as migrant workers, individuals with poor credit history, and young drivers. To date, the company has raised almost £100m, with the latest raise valuing the business at over $1 billion.
The facility allows Marshmallow to grow its customer acquisition without taking on additional dilution to existing shareholders. Triple Point has backed marshmallow due to their innovative use of technology and commitment to providing fair and affordable motor insurance to underserved communities.
Triple Point's Structured Finance team, part of Triple Point Private Credit, works with borrowers to maximize their liquidity by structuring working capital facilities that match their needs and allow them to grow. As a specialist team within one of the UK's largest nonbank lenders, Triple Point provide facilities from £1m up to £50m, enabling borrowers to raise funds against their . With a straightforward, transparent, borrower-focused, and dependable approach, Triple Point is committed to building close relationships based on mutual trust and supporting businesses at every stage of their journey.
Gavin Maitland Smith, Head of Structured Finance, Triple Point, stated, "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. More importantly, their commitment to increasing affordability and accessibility for underserved segments of the community mirrors Triple Point's purpose-driven approach to investing."
Oliver Kent-Braham, Co-CEO, Marshmallow, stated, "We are really pleased to partner with Triple Point. They have a great track record working with other tech scale-ups and start-ups, and they truly value our mission to open up the market for underserved communities."
