Total amount raised
$1.1 Billions
Latest funding date
4/1/2022
Location
Starling Bank has successfully raised significant funding over multiple rounds, with notable investors such as Goldman Sachs and Harald McPike. The bank offers a range of financial services, including personal, joint, and business accounts.
Keep reading to explore the intricacies of Starling Bank's fundraising journey and the investors backing this innovative platform.
What Is Starling Bank?
Starling Bank, founded in 2014 by Anne Boden and John Humpish, is headquartered in London, England. The bank offers a variety of accounts, including personal, joint, business, and teen accounts, with features like instant notifications and spending insights.
With a workforce of 1001-5000 employees, Starling Bank provides digital banking, financial, and accounting services. The platform integrates seamlessly with accounting software, making it a comprehensive solution for both individuals and businesses.
Starling Bank's innovative approach to banking has attracted significant investment and a growing customer base, solidifying its position in the financial industry.
How Much Funding Has Starling Bank Raised?
Series B
- Amount Raised: £10M
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the bank's early growth and development.
Series C
- Amount Raised: £75M
- Date: February 2019
- Lead Investors: Chrysalis Investments, Harald McPike, Merian Global Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the bank's product offerings and market reach.
Grant
- Amount Raised: £100M
- Date: February 2019
- Lead Investors: Capability and Innovation Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the bank's innovation and development initiatives.
Non-Equity Assistance
- Amount Raised: Not publicly disclosed
- Date: March 2019
- Lead Investors: Future Fifty
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide non-equity support for strategic growth.
Venture Round
- Amount Raised: £30M
- Date: October 2019
- Lead Investors: Chrysalis Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel the bank's expansion and operational scaling.
Venture Round
- Amount Raised: £60M
- Date: February 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the bank's growth and market penetration.
Venture Round
- Amount Raised: €44.3M
- Date: May 2020
- Lead Investors: Chrysalis Investments, JTC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the bank's financial stability and growth.
Series D
- Amount Raised: £272M
- Date: March 2021
- Lead Investors: Fidelity
- Valuation at Round: £1.1 billion
- Motivation Behind the Round: To support the bank's expansion and product development.
Series D
- Amount Raised: £50M
- Date: April 2021
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue the bank's growth and market expansion.
Series D
- Amount Raised: £130.5M
- Date: April 2022
- Lead Investors: Goldman Sachs
- Valuation at Round: £2.5 billion
- Motivation Behind the Round: To build a "war chest" for acquisitions and support further growth.
Total Amount Raised: £841.8M. Current Valuation: £2.5 billion.
Key Investors
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm. It provides a wide range of financial services to a substantial and diversified client base.
- Investment Focus Areas: Investment banking, securities, investment management, financial services.
- Notable Investments: Uber, Spotify, WeWork.
- Fidelity Management and Research Company
- Details: Fidelity is a multinational financial services corporation known for its mutual funds and investment management. It offers a variety of investment products and services to individual and institutional investors.
- Investment Focus Areas: Mutual funds, retirement services, wealth management, life insurance.
- Notable Investments: Alibaba, SpaceX, Uber.
- Qatar Investment Authority
- Details: The Qatar Investment Authority is the sovereign wealth fund of the State of Qatar. It invests in a wide range of asset classes globally to diversify Qatar's economy.
- Investment Focus Areas: Real estate, infrastructure, financial institutions, technology.
- Notable Investments: Volkswagen, Barclays, Harrods.
- RPMI Railpen
- Details: RPMI Railpen is the investment manager for the Railways Pension Scheme, one of the largest pension funds in the UK. It manages the assets of the scheme to secure the pensions of railway workers.
- Investment Focus Areas: Pension fund management, real estate, infrastructure, private equity.
- Notable Investments: Various UK-based infrastructure and real estate projects.
- Harald McPike
- Details: Harald McPike is a private investor known for his significant investments in various sectors. He has a reputation for making strategic investments in high-growth companies.
- Investment Focus Areas: Financial services, technology, diverse sectors.
- Notable Investments: Not publicly disclosed.
What's Next for Starling Bank?
Starling Bank is poised for significant growth, with opportunities in acquisitions and market expansion. The bank's recent £130 million funding round, led by Goldman Sachs, has bolstered its valuation to £2.5 billion. This capital will likely be used to acquire companies like Kensington Mortgages, enhancing its digital banking operations and expanding its market share in the SME sector.
Future fundraising opportunities are on the horizon, with a potential public listing in 2023. This IPO could provide substantial capital for further acquisitions and growth. However, Starling Bank faces challenges such as competition from other digital banks and regulatory hurdles. Successfully integrating acquired companies and maintaining growth momentum will be crucial for its continued success.
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