Mortgages  

Challenger bank buys Fleet Mortgages for £50m

From acquisition to IPO

Back in April, Starling landed a £50m investment from Goldman Sachs' growth equity arm.

The capital injection took the bank’s Series D round, announced in March, to £322m, and gave it a pre-money valuation in excess of £1.1bn.

Starling is also set to be a beneficiary of the Banking Competition Remedies’ Incentives Switching Scheme, which is in the process of distributing £29.6m in underspend.

Having made its first profit in October 2020, Starling has previously said it is eyeing a potential initial public offering as early as 2023.

The fintech currently boasts more than 2m current accounts on its platform, including 350,000 business accounts.

ruby.hinchliffe@ft.com