Marshmallow, a London-based insurtech, has experienced a notable 75% increase in turnover, reaching £184 million in 2023.
- A reduction in losses by 98% was achieved, with figures lowering from £16.1 million to £208,000, as the company moved towards profitability.
- The organisation reported its first EBITDA-positive year since launching its own insurance carrier in 2021, indicating a positive financial trajectory.
- Despite a regulatory fine in June, Marshmallow aims to bolster corporate governance through further board training.
- Having expanded its workforce by a third, Marshmallow plans to continue its growth strategy and enhance profitability in the coming years.
Marshmallow, a prominent player in the insurtech sector, has reported an impressive 75% surge in its turnover, amounting to a total of £184 million for the year concluding on 31 December 2023. This growth trajectory highlights the company’s robust performance in the competitive motor insurance market.
The company has effectively curtailed its losses by 98%, from £16.1 million to a mere £208,000. This remarkable achievement places Marshmallow on a promising path to profitability as it gains momentum in the industry.
For the first time since launching its own insurance carrier in 2021, Marshmallow has achieved a positive EBITDA, a significant milestone in its financial journey. The firm anticipates continued growth and increased profitability in 2024 and beyond, further strengthening its market position.
In June, Marshmallow encountered a £200,000 fine by the Gibraltar finance regulator due to issues surrounding the increase of its gross written premium without prior consent. Despite this setback, the company has committed to enhancing its corporate governance by providing the board with additional training, illustrating its dedication to regulatory compliance.
Marshmallow expanded its workforce by around 80 employees, bringing the total headcount to 310. This expansion aligns with their strategy to scale operations and focus on long-term profitability. Established in 2017 by Oliver and Alexander Kent-Braham and David Goaté, the company’s mission to utilise data for affordable insurance solutions continues to drive its innovative growth.
Marshmallow remains focused on achieving sustained growth and profitability while enhancing regulatory adherence and workforce expansion.
