Starling Bank received unicorn status

 Starling Bank received unicorn status

Britain's Starling Bank plans to announce on Monday (8 March 2021) that it has raised about $ 373 million from investors led by Fidelity Management & Research, Sky News reported.


Starling launched in 2016, two years after its founding, with iOS and Android apps, according to its website, and began offering the UK's first e-bank account for businesses in 2018.

The latest round of investments keeps Starling's valuation at over $ 1 billion, according to Sky News, adding that other investors in the new round include Qatar Investment Authority, Railpen and hedge fund Millennium Management.

Sky News, citing unidentified sources, reported that Starling's management wants to use the new capital to expand the bank beyond the British Isles to mainland Europe.

In August 2020, in a "letter from CEO", Starling founder Anne Boden wrote that the bank is considering expanding to Ireland, “to secure our expansion there and become a springboard for our wider European expansion, starting with the Netherlands, France and Germany. Our Irish discussions were temporarily suspended during the lockdown, but are now starting up again. We now expect to begin international expansion in 2021. ”

A Starling spokesman declined to comment on the new funding report, Sky News reported.

In November 2020, TechCrunch quoted Boden as saying she intends to make the bank public.

The bank claims to derive its name from the starling's reputation for being "outgoing, adaptable, friendly and responsive — all the qualities we wanted from our new bank."

Boden is a veteran of the UK banking sector who worked for Lloyds, RBS and Standard Chartered prior to founding Starling, according to published reports.

 Starling Bank received unicorn status

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