Goldman Sachs Growth Equity has invested £50 million in Starling Bank, according to a recent announcement made by the digital bank. The investment is said to be an expansion of Starling’s inundated £272 million Series D funding cycle, which was announced in March 2021 and valued the bank – pre-money – in excess of £1.1 billion. Alongside the recent funding from Goldman Sachs, the Series D total has now reached £322 million.
Founder and CEO Anne Boden, said:
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.
As well as the bank’s deposit base having boosted to over £6 billion from £1 billion in little more than a year, Starling currently boasts a total of over two million current accounts, 350,000 of which are business accounts. Stats such as these make it unsurprising that Starling is the most rapidly growing bank for SMEs in Europe, obtaining a 6% share of the UK’s entire banking market for SMEs.