Starling Bank, a UK-based mobile bank backed by corporate investor JTC Group, has agreed £50m ($70m) in series D funding from investment banking firm Goldman Sachs’ Growth Equity subsidiary.
The investment is pending regulatory approval, and it represents an extension to the $377m series D funding disclosed by Starling last month. The round was led by investment and financial services group Fidelity and backed by RPMI Railpen, Qatar Investment Authority and Millennium Management.
Founded in 2014, Starling has built a mobile app which helps users manage third-party business, connected, joint and individual accounts. The platform has more than 2 million registered chequing accounts including 350,000 business accounts.
Anne Boden, founder and chief executive of Starling, 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 [mergers and acquisitions].”
Financial, property and consulting services group JTC Group took part in a $38.5m round for Starling in late 2019 alongside asset manager Merian Global Investors’ Merian Chrysalis Investment Company subsidiary.
Merian Global had provided $64.4m earlier in the year, with private investor Harald McPike putting up an additional $19.3m.
An unnamed returning backer invested $14m in the company in 2018, following a $68.6m round two years before featuring McPike and other individuals. JTC Group was also identified as an early investor.
