(Courtesy of Starling Bank)
Digital bank Starling has become Europe's latest fintech unicorn, raising £272 million at a pre-money valuation of £1.1 billion.
- Fidelity Investments led the Series D, with support from the Qatar Investment Authority, Railpen and Millennium Management. Starling will use the capital to support its European expansion and to fund acquisitions.
- The London-based bank has opened more than 2 million accounts since launching in 2017. It has gross lending of over £2 billion and deposits of £5.4 billion, and posted its fourth consecutive monthly operating profit in January.
- The UK is increasing its focus on the fintech sector as it faces new challenges after Brexit. A government-backed review published last month proposed a £1 billion fintech growth fund to close a funding gap for UK startups, among other recommendations.