The British twins still in their twenties who have seen their insurance start-up Marshmallow valued at £900m
By Daily Mail City & Finance Reporter
Published: | Updated:
Identical twins in their twenties will soon join the ranks of the UK’s wealthiest tech entrepreneurs as their car insurance business is valued at close to £900million.
Oliver and Alexander Kent-Braham, 29, co-founded Marshmallow four years ago when they saw expats hit with extortionate insurance quotes.
Their combined wealth will top £450million as investors pile into the business at a valuation of £869million.
Rising stars: Oliver and Alexander Kent-Braham, 29, co-founded Marshmallow four years ago to help drivers from overseas get cheap insurance
New investment, expected within weeks, will allow it to join the ranks of the UK’s ‘unicorns’, the tech firms valued at more than $1billion.
The firm specialises in covering people turned away by traditional providers and was set up to help drivers from overseas get cheap insurance.
The idea came from a friend who moved to the UK and ‘kept getting hit by these outrageously expensive quotes’.
They promised to update models that punish certain groups of drivers, including immigrants.
The number of customers using its website hit 50,000 last year. Fintech employs 60,000 in the UK and is estimated to be worth about £7billion.
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