Starling Bank Completes an Internal Fundraise of £130.5M

​Starling Bank has completed an internal fundraise of £130.5m at a pre-money valuation of more than £2.5 billion.

Existing Starling investors Harold McPike, Fidelity, RPMI Railpen, Qatar Investment Authority and Goldman Sach all participated in the round.

Starling's last equity injection came from Goldman Sachs Growth Equity, which invested £50 million in an extension of the bank's oversubscribed £272 million Series D funding round announced in March 2021, which valued it in excess of £1.1 billion pre-money.

"This will enable us to continue our growth and to build a war chest for acquisitions. We are looking at a number of potential targets," a Starling spokesperson says.

Starling has so far bought the home loans portfolio from Kensington Mortgages, and buy-to-let specialist Fleet Mortgages.

Starling has amassed more than 2.3 million accounts and saw revenue increase by 600% to £97.6million in its most recent set of financial accounts. The challenger is also about to launch in Europe, offering a banking-as-a-service package to businesses and banks.

(Source: Finextra)