Monday, September 26, 2022
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HomeFinTechUK FinTech Unicorn Starling Bank To Acquire Morgage Book Worth £500 Million!

UK FinTech Unicorn Starling Bank To Acquire Morgage Book Worth £500 Million!

The UK FinTech unicorn, Starling Bank (www.starlingbank.com), founded by Anne Boden in 2014, has agreed to acquire a mortgage book worth about £500 million to broaden its assets beyond COVID-19 loans. The startup is buying the loan portfolio from specialist lender Masthaven, according to Financial Times. The acquisition contributes to Starling’s goal to diversify lending away from the government-backed COVID-19 loans that constitute most of its assets.

Back in February Masthaven confirmed that it would be withdrawing from the market. Masthaven was founded as a non-bank lender in 2004 and acquired a banking license in 2016.

While other fintech unicorns like Revolution expanded their business into crypto trading and stock investing, Starling Bank entered the loan segment in 2021. It acquired Fleet Mortgages in July 2021 for £50 million in cash and shares. The company focuses on lending to professional landlords through financial advisers.

It emerged earlier in 2022 that Starling is also interested in a £1 billion mortgage book being sold by specialist lender Kensington, pitting the challenger against Barclays.

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