Starling Bank is a London-based challenger bank founded in 2014 that provides consumer and business banking as a fintech. The company has accrued more than 2 million users and about 350,000 business accounts. It counts investors such as Goldman Sachs and Fidelity among its backers. Starling has been planning an initial public offering in London later this year or in early 2023. The bank recently doubled its valuation to £2.5 billion ($3.3 billion) following a Series D extension and raised an additional £130 million. Management says the new cash will be used to fund growth through acquisitions and to build a war chest for potential targets. The funding was filed at Companies House and later confirmed by Starling. Starling Bank is a U.K.-based mobile banking platform founded in 2014 by Anne Boden that offers personal, joint, children’s euro and dollar current accounts, business accounts, lending products, and Banking-as-a-Service to third parties. The bank powers its own services on a proprietary technology platform and offers customers access to third‑party financial services through the Starling Marketplace. Starling reports more than two million current accounts, including 350,000 business accounts, and a deposit base that has grown from roughly £1 billion to over £6 billion in just over a year. The company is the fastest-growing bank for SMEs in Europe and holds a 6% share of the UK SME banking market. Starling is on course to report its first full year in profit by the end of its next financial year-end and describes its growth as now profitable. Management plans to use new funding to support continued rapid growth, expand lending in the UK, pursue European expansion, and consider anticipated M&A. Starling Bank is a London-based digital challenger bank that offers personal, business, joint, euro and dollar current accounts, lending products, a Banking-as-a-Service platform, and an in-app marketplace for third-party financial services. Founded in 2014 by Anne Boden, the company powers its own banking services on a proprietary technology platform and provides B2B banking and payments through that platform. Since launching in 2017 it has opened more than two million accounts, including over 300,000 small business accounts, with a new customer joining every 39 seconds. Operationally the bank has recorded four consecutive months of operating profit, generated £12M in revenue in January 2021, and reports net income now exceeding £1.5M per month; deposits top £5.4B and gross lending exceeds £2B. The newly raised capital will be invested to support targeted expansion of UK lending, to launch Starling in Europe, and for anticipated merger & acquisition activity. Starling is fully licensed and regulated, headquartered in London with offices in Southampton, Cardiff and Dublin, and all accounts are protected up to £85,000 by the Financial Services Compensation Scheme. Starling Bank is a U.K. challenger bank that provides personal and business banking accounts and services. The bank has 1.4 million accounts, including 155,000 business accounts, holds more than £2.4 billion in deposits after its deposit base doubled in six months, and reports almost £500 million of SME lending on its balance sheet. Since launching SME accounts in March 2018 and securing £100 million in state aid via the Capability and Innovation Fund (CIF), business banking has become a strategic focus. Starling claims a 2.6% share of the U.K. SME banking market. Starling says it will use the new funding to continue investing in growth and to provide support to small business customers affected by the coronavirus; it has collaborated with the U.K. government on schemes such as the £300 million under the government-backed CBILS and via its own CBIL and Bounce Back Loan Schemes. Since its 2014 launch the bank has raised a total of £363 million and was founded by Anne Boden. Starling Bank is a U.K.-based challenger bank founded by banking veteran Anne Boden. It offers a mobile banking app that launched in May 2017. Customers have opened 1.25 million consumer and business accounts since the app's launch. The company recently raised another £60 million from existing investors. The investors named in the article are Merian Global Investors and Harry McPike’s JTC. The article does not disclose the specific financial instrument used in the round.

Total raised

$873M

Funding rounds

7

Latest round

Series D

Latest activity

Apr 2022