Starling Bank raises GBP 270 mln in funding

As Sky News presents it, the fundraising had taken place at a pre-money valuation of GBP 1.1 billion, confirming Starling's status as the newest British banking unicorn. The funding round is being led by Fidelity Management & Research (FMR). The Qatar Investment Authority, Railpen and the hedge fund Millennium Management were all acquiring stakes as well.

The roster of blue-chip investors will be perceived as a boost to Starling's chances of achieving the scale required to become a genuine digital banking powerhouse. Set up in 2014, Starling now has more than two million accounts, roughly 300,000 of which belong to SME banking customers.