Starling Bank receives £50 million investment from Goldman Sachs

UK challenger Starling Bank gets an extension to previously oversubscribed Series D round by Goldman Sachs Growth Equity investing £50 million.

This makes the total raised in the investment round to £322million. Before the investment, Starling was valued at £1.1billion.

Read also: Revolut’s new funding could mean a 10B $ valuation for the company

Starling has managed to get more than two million current accounts, including about 350,000 business accounts.

Anne Boden has also recently announced a plan in which Starling Bank is going to hold 18% of the SME banking market in five years. The current share of the small business market is around 4.4%.

Starling bank is reportedly on course to close its first full year in profit by the end of its next financial year-end.

Anne Boden, founder and CEO of Starling Bank, says: “Securing the support of another global financial heavyweight demonstrates the strength of demand from investors and represents yet another vote of confidence in Starling.”

[mc4wp_form id=”2736″]

“Goldman Sachs will bring valuable insight as we continue with the expansion of lending in the UK, as well as our European expansion and anticipated M&A,” she added.

James Hayward, managing director at Goldman Sachs, said: “Starling 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. We are delighted to be supporting their growth with this investment and believe the company has sustainable long-term earnings potential.”