Marshmallow, the new £1.5bn fintech, with a grinding culture
The status of many fintech 'unicorns' that attained $1bn valuations in fintech's early 2020s boom is under question, but not insurance technology firm Marshmallow. Marshmallow is reportedly set for its first funding round in over three years, increasing its valuation to $1.5bn. The fintech is currently hiring for 59 roles, but the experiences of existing employees seem very mixed.
On Glassdoor, multiple reviews say the firm has a hard driving culture. They say there is an "expectation of working all hours and never switching off." An ex-Marshmallow employee, speaking anonymously, told us that there's an "unspoken expectation to work overtime and take on additional tasks while meeting your deadlines."
Reviews also claim that Marshmallow has a tendency to be "cliquey," which the employee attests to. He says that "if you’re not liked, they will always find small, negative examples to highlight, overshadowing any positive feedback you may receive."
A lot of the feedback for Marshmallow is very positive, however. Some reviews treat the fast-paced environment as a positive, while others say "the tech stack and infrastructure are great." Another source, also speaking anonymously, told us "I had a wonderful time there, and can only speak positively about how I was treated." Despite this, Marshmallow's Glassdoor score has fallen from 4.7 in late 2022 to 3.4 today.
Marshmallow has also quietly set hard limits on how often its employees are in the office. For most teams, employees are expected to be in the office three days per week, equal to the arrangements that Checkout.com and Starling Bank have faced criticism for. Sources suggest Marshmallow is "quite strict about the requirement," while a Glassdoor review says hybrid arrangements are "not really negotiable." A review from last month was very critical of the office itself, claiming it had a broken toilet seat and no air conditioning.
Marshmallow's approach seems to be working from a business perspective. The firm turned profitable across its two UK entities in 2023 according to Companies House accounts. In that period, headcount rose 34% to 310 and average pay rose by 11% to £58.6k ($73k) per head.
Marshmallow did not respond to a request for comment.
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