By Joe Hoppe

 

Starling Bank said Monday that Goldman Sachs Growth Equity has invested 50 million pounds ($69.2 million) in the bank, to support its continued growth.

The U.K. digital bank said the investment is an extension of its oversubscribed GBP272 million Series D funding round first launched in March, which valued it at an excess of GBP1.1 billion pre-money. The investment takes the total raised in the Series D round to GBP322 million.

Starling said it now holds a 6% share of the U.K's small and medium enterprise banking market, and is on course to report its first full year of profit by the end of its next fiscal year.

"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 U.K., as well as our European expansion and anticipated mergers and acquisitions," founder and Chief Executive Anne Boden said.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

April 19, 2021 04:33 ET (08:33 GMT)

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