HSBC slumps as it defends Russia business and reports fall in profits

Starling Bank is valued at more than £2.5billion after bagging a chunk of investment to ‘build a war chest for acquisitions’.

The digital lender scooped £130.5million from its existing investors, who include Goldman Sachs, Fidelity Management & Research Company and the Qatar Investment Authority. 

Starling expanded rapidly during the pandemic, as it was one of the few banks handing out government-backed Bounce Back Loans which was open to new business customers.

It made its first acquisition last year when it snapped up buy-to-let lender Fleet Mortgages for £50million.