Insurtech Marshmallow has raised approximately £70m in Series C funding which values the business at around £1.5bn. Portage Capital led this latest round which was also supported by BlackRock and Columbia Lake Partners. The firm said it would use the investment to expand its proposition beyond motor insurance and to create a broader financial services offering that catered for people’s financial needs.

The firm stated on social media: “A huge thank you to our incredible team, past and present, for getting us here. Our growth over the last few years is all thanks to you, and we can't wait to see what we achieve together next.

“This raise is a big milestone for us, but we're only just getting started. Until now, we’ve been focused on providing car insurance for people who move to the UK. But there are still major barriers in the financial services space that make it harder for newcomers to settle and take part in everyday life. This raise means we can invest in building more products to solve more migrant problems, and we're starting right now.”