The ‘challenger’ bank plans to grow beyond its current 2mln accounts, which amount to £5.4bn of deposits and £2bn of gross lending
is raising over £270mln in its latest funding round, according to reports, with the banking app firm’s call exceeding expectations.
The funding tips Starling’s value to around £1.1bn marker, making it Britain’s ‘unicorn’ (the term given to large pre-market tech companies, worth over US$ / £1bn).
Sovereign wealth fund Qatar Investment Authority is among the notable backers for the funding, along with Railpen, and Millennium Management. Fidelity led the funding and Rothschild acted as advisor.
Starling has earmarked the new funds for its growth plans.