Starling Bank has identified a number of acquisition 'targets' as it seeks to strengthen its position in the British market.
While the identity of those targets has not been made public, the digital bank has completed a fundraising drive among existing backers with the intention of substantially increasing its portfolio. In its push to go public the bank has already reached Unicorn status, having raised its valuation to over £1billion, this despite only been founded eight years ago by Anne Boden.
Starling saw its revenues soar by 600% in 2021.
A spokesperson for Starling went so far as to describe the fund as “a war chest for acquisitions."
Goldman Sachs Growth Equity Jupiter, Fidelity Management and Research Company, Chrysalis Investments and the Qatar Investment Authority are understood to have contributed to the acquisition fund which amounts to £130.5m.
The Starling spokesperson said: “This will enable us to continue our growth and to build a war chest for acquisitions. We are looking at a number of potential targets."
Starling has previously acquired UK-based buy-to-let mortgage lender Fleet Mortgages in a £50m cash and stock deal.
Last year the bank raised a total of £322m, with £272m of that coming in a Series D funding round in March. The fintech company has previously stated their aim to go public by 2023.
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