The UK’s leading digital bank, Starling, has gained £50mn investment from Goldman Sachs Growth Equity.
In Brief:
This comes as an extension to the business’ Series D funding round.
In March, the round was announced at oversubscribed at £272mn.
Starling currently has a 6% share of the UK’s SME banking market and is set to report a full-year profit next year.
What does this mean?
Starling says the fresh funding will support its “continued rapid and now profitable growth”.
CEO Anne Boden called Goldman Sachs a “global financial heavyweight” and said its backing represents a vote of confidence in Starling. In addition to the fresh funds, Boden said the banking giant 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”.
Goldman Sachs managing director James Hayward said that the investor believes Starling has “sustainable long-term earnings potential”.
