Marshmallow, the tech-driven unicorn best known for disrupting the car insurance space, has announced an exclusive partnership with Evolution Funding to bring motor finance access to migrants in the UK. The partnership enables dealers to fund deals for customers who would typically be declined by traditional lenders, opening up new opportunities for both consumers and the dealer community.
As a fintech on a mission to make migration easier, Marshmallow is taking a uniquely sophisticated approach to risk and pricing, recognising that newcomers to the UK often lack the traditional credit footprint required by mainstream finance providers. This underserved customer group can now benefit from fairer, more accessible motor finance, allowing them to purchase vehicles through dealer networks with confidence.
“Our mission has always been to make moving to the UK easier and more affordable,” said Oliver Kent-Braham, Co-Founder and Co-CEO of Marshmallow. “Expanding into motor finance is a natural next step. With over 10 million migrants in the UK, there’s a clear gap to address. We found that fewer than 1 in 10 of our New to the UK customers accessed secured car finance for their most recent car purchase, far below the equivalent rate for those born in the UK. This shows that most UK Newcomers are effectively locked out of the car finance market. Our partnership with Evolution Funding means we can deliver real impact at scale: helping dealers approve applications they might have previously rejected, while giving customers a smoother experience and better outcomes.”
The partnership adds Marshmallow to Evolution’s extensive and diverse lender panel, reinforcing the company’s position as the UK’s leading used auto finance platform. Evolution’s unique position at the centre of the motor finance ecosystem – connecting dealers, lenders, and partners through its platform and technology – makes it the ideal launch partner as Marshmallow expands into the sector.
Lee Streets, CEO at Evolution Funding, commented: “We’re proud to welcome Marshmallow to our lender panel. Their innovative approach aligns perfectly with our platform model. Importantly, it was our analysis and intelligence that helped shape this opportunity, proving the scale of the unmet need and ensuring we can deliver inclusive solutions responsibly. By combining Marshmallow’s unique credit models with our distribution, insight, and lender diversity, dealers now have an even greater ability to serve customers with complex credit profiles.”
Marshmallow enters the motor finance sector with the same energy and innovation that made it the second-fastest growing company in Europe (Financial Times, 2023). Founded in 2017 by twins Oliver and Alexander Kent-Braham and David Goaté, the company has served over a million customers – the majority of whom are UK newcomers – and continues to grow, with over 600 employees across London and Budapest.
