Starling Bank has announced it received £130.5mn funding from existing investors.
In Brief:
- The bank says the funding gives it a pre-money valuation of £2.5bn.
- Existing investors participated in the round including Harald McPike who is thought to own almost 40% of the bank.
- Starling says the internal round was a “vote of confidence” from investors.
What does this mean?
The funding is set to build what Starling’s called a “war chest” for acquisitions, with a spokesperson saying the bank already has targets in mind.
