Debevoise & Plimpton LLP has advised Portage in its investment in Marshmallow, a leading UK fintech company, as part of a $90 million fundraise.

Portage makes the investment alongside BlackRock and Columbia Lake Partners. The raise comes three years after the business’ Series B, in which time it has almost doubled its valuation to just over $2 billion.

Focused on providing car and van insurance to those who have moved to the UK, Marshmallow has now insured over 1 million drivers and has a turnover run rate of over $500 million, making it one of the largest fintech companies in Europe.

Portage is a global investment platform focused on fintech and financial services with over $3.3 billion under management, 65+ portfolio companies in 13 countries, and 20+ investment professionals across 4 countries.

For full details, see the official release here.

The Debevoise team advising Portage was led by Drew Dutton assisted by associate Mark Hume, and included associate Yiran Ji. Regulatory advice was provided by associate Katie Power. Intellectual property advice was provided by partner Henry Lebowitz and associate Dylan Sanders. Employment advice was provided by counsel Sam Whitaker.