Marshmallow, a UK-based fintech that first entered the market with car insurance products for newcomers, has announced a partnership with Evolution Funding to support migrants seeking vehicle finance.
Under the agreement, Marshmallow will join Evolution’s lender panel, allowing dealers to fund applications from customers who often lack a traditional UK credit record. Both companies say the move will help address a market gap while enabling dealers to reach a wider customer base.
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“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.” He added that fewer than one in ten of Marshmallow’s “New to the UK” customers accessed secured car finance for their most recent purchase, compared with much higher rates for UK-born customers.
According to Kent-Braham, the partnership will “help dealers approve applications they might have previously rejected” and give customers “a smoother experience and better outcomes.”
Lee Streets, CEO at Evolution Funding, said the collaboration was informed by the company’s own analysis of unmet demand. “By combining Marshmallow’s credit models with our distribution, insight and lender diversity, dealers now have an even greater ability to serve customers with complex credit profiles,” he said.
The arrangement marks Marshmallow’s entry into the motor finance sector. Founded in 2017 by twins Alexander and Oliver Kent-Braham and David Goaté, the company has built a customer base largely made up of UK newcomers. Evolution Funding describes itself as a platform connecting dealers, lenders and partners in the used auto finance market.
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