UK-based digital challenger bank Starling Bank has opened a new office in Cardiff, which is its third location in the UK.
The bank will recruit nearly 400 new people in the areas of data science, fraud, and customer services for the new office.
The opening of the new office follows the app-only bank’s recent fundraising, in which it secured ₤60m from existing investors such as Merian Global Investors and JTC.
The new hub is expected to help the bank in maintaining its growth strategy across personal banking offerings.
Currently, the bank offers services to nearly 1.3 million accounts, with a workforce of nearly 800, employed at its London and Southampton offices, BBC reported.
Starling Bank CEO Anne Boden said: “The Welsh tech sector is one of the fastest digital economies outside of London, and continues to grow.
“Cardiff is also a bright, dynamic and entrepreneurial city with a supportive ecosystem which we are looking to tap into as we continue to grow our business and personal accounts.
“We believe that London’s success as a fintech hub should enable it to spread wealth and jobs throughout the UK and the wider economy. That’s exactly what we’re doing with this office in Cardiff.”
Last year, Starling Bank reached nearly ₤1bn in deposits
Founded by Anne Boden in 2014, Starling Bank last year saw customer deposits reaching nearly ₤1bn.
The start-up bank has taken a 14,000ft² of office space at Brunel House in the centre of Cardiff as its new office. The space is also expected to support further expansion plans of the bank.
Starling Bank also confirmed that it will award equity to all of its employees.
Wales Economy and Transport Minister Ken Skates said: “I am absolutely delighted to welcome Starling Bank to Wales.
“Our thriving ecosystem has seen a number of companies make the move to Wales following Welsh Government advice and support, and it’s fantastic Starling has decided to do the same, creating 400 new jobs with more to come.
“As a government, we can be rightly proud of our role in growing the financial and related professional services sector in what is a very competitive global business environment.”
