Goldman Sachs is investing £50m in UK digital challenger Starling Bank. The investment is an extension of Starling’s oversubscribed £272m Series D funding round announced in March 2021. That funding round valued Starling in excess of £1.1bn. The Goldman Sachs investment takes the total raised in the Series D round to £322m.

Starling now has more than two million current accounts, including 350,000 business accounts. Its deposit base has increased from approximately £1bn just over a year ago, to now more than £6bn.

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Starling says that it is the fastest-growing bank for small and medium-sized enterprises (SMEs) in Europe. Specifically, it now holds a 6% share of the UK’s SME banking market.

Starling Bank: on course to report first full year profit

It is on course to report its first full year in profit by the end of its next financial year-end.

The Goldman Sachs backing supports Starling’s continued rapid and now profitable growth.

Anne Boden, CEO Starling, says: “Securing the support of another global financial heavyweight demonstrates the strength of demand from investors. It 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 M&A.”

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James Hayward, managing director at Goldman Sachs, adds: “Starling is one of the leading and most innovative digital banks in the UK. It has an ambitious technology-first leadership team and addresses a deep market opportunity. We are delighted to be supporting their growth with this investment and believe the company has sustainable long-term earnings potential.”

The transaction remains subject to regulatory approval. Starling Bank was founded by Anne Boden in 2014.