Goldman Sachs Growth Equity has invested £50 million in UK challenger Starling Bank.
The investment is 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 takes the total raised in the Series D round to £322 million.
Starling now has more than two million current accounts, including 350,000 business accounts. Its deposit base has increased from approximately £1 billion just over a year ago, to now more than £6 billion.
It is on course to report 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. 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.”