Marshallow’s revenues jumped 75% in 2023 as the insuretech saw another strong year of growth.
The London-based motor insurance business posted turnover of £184m for the year ended 31 December 2023. Losses for the year were cut by 98% from £16.1m to £208k.
“The group has continued to grow rapidly in 2023,” Marshmallow said.
“In addition to our top line growth, 2023 is our first year being EBITDA positive since the launch of our own insurance carrier in 2021.
“The future outlook remains strong with continued growth and further profitability predicted in 2024 and beyond. In the future, the board plans to grow the company’s business, with a greater focus on profitability.”
The company grew its staff count by a third over the period, adding around 80 employees to reach a total headcount of 310.
In June, Marshmallow was fined £200k by the Gibraltar finance regulator for raising its gross written premium without seeking regulatory consent. The company said it fell “below the regulatory standard required” and the board “has also agreed to undertake further training to strengthen its corporate governance.”
Marshmallow raised $85m in a funding round that valued the company at $1.25bn in 2021 – making it Britain’s first and UK’s second unicorn to be founded by people of black heritage, following in the footsteps of WorldRemit. The high-profile backers include Passion Capital, Investec and Scor.
Established in 2017 by identical twins Oliver and Alexander Kent-Braham along with David Goaté, the platform’s founding purpose was to modernise the insurance industry with the ultimate aim of using data to provide more affordable insurance to customers who fall outside the typical “good risk” profile.
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