London based UK challenger bank Starling has secured USD 376 million in series D on 8th March, 2021, round led by Fidelity Management Research and Company.
Investors:
The acquisition of USD 376 million funds took place in the series D funding round led by Fidelity Management Research and Company along with the involvement of previous investors like Qatar Investment Authority and RPMI Railpen.
What the funding is for:
The fresh funding would be tried for the expansion of their lending operations in the UK. According to sources the company is also aiming to expand into other parts of Europe and make some strategic acquisitions.
About the company:
Starling Bank is a privately held organization which operates under the banking industry. Its headquarters is established in London, UK and has a work strength of around 51-290 employees. They also deal with various specialties like Fintech, mobile banking and finance. Starling Bank basically offers mobile banking applications and a debit card which enables users to manage their finances.
Founders of the company: Anne Boden
What the CEO has to say: “Digital banking has reached a tipping point. Customers now expect a fairer, smarter and more human alternative to the banks for 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 experiences we enter the next stage of growth while the continued sport of our existing bankers represents a huge vote of confidence.” — Anne Boden, CEO of Starling Bank.
“Big incumbent banks have scrambled to keep up with innovation but newer generations of users are less beholden to their brands and incumbency not least a result of the banking crisis last decade that revealed many of them to be considerably less competent and solids than many might have assumed.” — Anne Boden, CEO of Starling Bank.
What the investors have to say:
“challenger banks have been some of the biggest winners of evolving consumer habits. Using rails provided by white label services by ways of APIs from banking infrastructure providers they will offer the same basic services such as checking and deposit but they will typically do so with considerably more flexibility and additional savings with financial tips and other services provided to the customers all carried out over digital platforms.” — General manager at Fidelity Management Research and Company.
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