Digital bank Starling听has secured 拢50 million investment from Goldman Sachs Growth Equity.听听
The investment is an extension of the bank鈥檚 oversubscribed 拢272m Series D funding round announced in March 2021, which valued it听in excess of听拢1.1 billion pre-money.听听
This听takes the total raised in the Series D round to 拢322m.听
Starling now has more than two million current accounts, including 350,000 business accounts. Its deposit base has increased from approximately 拢1 billion just over a year ago, to now more than 拢6 billion.听
It is the fastest-growing bank for small and medium-sized enterprises SMEs in Europe and now holds a 6% share of the UK鈥檚 SME banking market. It is on course to report its first full year in profit by the end of its next financial year-end.听
The听new funding announced today will support Starling鈥檚 continued rapid and now profitable growth.听听
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Anne听Boden, founder and CEO of Starling Bank, said: 鈥淪ecuring the support of another global financial heavyweight demonstrates the strength of demand from investors and represents yet another vote of confidence in Starling.听听
鈥�Goldman Sachs will bring valuable insight听as we continue with the expansion of lending in the UK, as well as our European expansion and anticipated M&A.鈥�听
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James听Hayward, managing director at Goldman Sachs, said: 鈥淪tarling is one of the leading and most innovative digital banks in the UK, with an ambitious technology-first leadership team and addressing a deep market opportunity.听听
鈥�We are delighted to be supporting their听growth with this investment and believe the company has sustainable long-term earnings potential.鈥�听
The听transaction remains subject to regulatory approval.听
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