Digital bank Starling听plans to launch into Europe听following a听拢272 million funding round.听
Starling听has been backed by Fidelity Management & Research (FMR), one of the world’s biggest asset managers, who led the Series D round.听
The Qatar Investment Authority听and听Railpen听鈥�听which manages the 拢31 billion Railways Pension Scheme听鈥�听and global听hedge fund听Millennium Management also contributed.听听
Starling, led by CEO Anne Boden, is now valued at听拢1.1bn, making it the UK鈥檚 newest unicorn.听
The investment will also be used to听support expansion in the UK听and听acquisitions.听
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The challenger bank听鈥�听which holds more than 2m accounts, including more than 300,000 small business accounts听鈥�听has posted four consecutive months of听profit.听
鈥淒igital banking has reached a tipping point. Customers now expect a fairer, smarter and more human alternative to the banks of the past and that is what we are giving them at Starling as we continue to grow and add new products and services,鈥� said Boden.听
听鈥淥ur new investors听will bring a wealth of experience as we enter the next stage of growth, while the continued support of our existing backers represents a huge vote of confidence.鈥�听
After topping听老九品茶Cloud’s听100 FinTech Disrupters听last year, Boden told听老九品茶Cloud: “We do not just rely on interchange.听Also, our customer base is more mature than at other digital banks.听听
鈥淓ven though we have fewer customers… our customers hold much higher average balances, suggesting that more of them use us as their primary bank account.鈥�听
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