26 April 2022: Starling Bank has completed an internal fundraise of £130.5 million. The new investment values the company at more than £2.5 billion pre-money. All existing investors of Starling participated. “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 spokesperson said.
The fundraise follows a period of sustained growth for the bank. Since launching its app five years ago in May 2017, Starling has opened nearly three million accounts, including more than 450,000 SME accounts, accounting for 7.5% of the UK SME banking market.
The bank has reported monthly profitability every month since October 2020 and completed a £322 million Series D funding round in April 2021. Starling made its first acquisition in July 2021 of specialist buy-to-let mortgage lender Fleet Mortgages.