Marshmallow reaches £22.9 million in revenue

London-based car insurance startup Marshmallow has released its financial results for 2022, ending the year with £22.9 million in revenue, a 175% increase compared to 2021.

The intermediary, which generates its revenue from commissions and fees, ended the year with a net profit of £709k, a £451k increase compared to 2021.

According to its site, Marshmallow sold over 342k policies to date, recording £66 million in claims.

Marshmallow, which focuses on people moving to the UK, plans to continue to grow the business “with a greater focus on profitability” by targeting segments with more favorable loss ratios and launching new lines of business.

Marshmallow was founded in 2016 and it raised ~$117 million to date. The startup’s latest round of founding, which took place in September 2021, gave it a $1.25 billion post-money valuation.