Fidelity backs Starling Bank
London-based digital bank Starling Bank announced a $376 million Series D funding round led by Fidelity Management & Research Company, alongside Qatar Investment Authority (QIA), RPMI Railpen, and Millennium Management. The new investment values the company at $1.5 billion pre-money.
Since launching in 2017, Starling has opened more than two million accounts, including more than 300,000 small business accounts. Starling’s total gross lending now exceeds £2 billion, while deposits top £5.4 billion. The capital will be deployed primarily to support a targeted expansion of Starling’s lending in the UK, as well as to launch Starling in Europe and for anticipated M&A.
“Digital banking has reached a tipping point. Customers now expect a fairer, smarter and more human alternative to the banks of the past and that is what we are giving them at Starling as we continue to grow and add new products and services. Our new investors will bring a wealth of experience as we enter the next stage of growth, while the continued support of our existing backers represents a huge vote of confidence.” – Anne Boden, founder and CEO of Starling Bank.
The transaction remains subject to regulatory approval.