Digital bank Starling will create 400 new jobs in Cardiff when it opens its third UK office in the city on Monday.
The new 14,000sqft Welsh hub will be used to grow Starling Bank’s data science, fraud and customer service teams.
The 400 new roles will span the bank’s operations and data science functions, and will be followed by more in the second half of the year.
Starling says the expansion will enable it to maintain the growth of its business and personal banking offerings, and continue to better serve its rapidly-growing customer base that has now reached 1.3 million accounts.
Starling Bank founder and CEO Anne Boden, who is a Welsh native, says Starling is eager to become part of the booming £8.5bn tech sector in Wales.
She 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.”
Since Starling launched in 2014, it has built up a workforce of more than 800 employees in London and Southampton and has twice won Best British Bank in the British Bank Awards.
Ken Skates, Economy, Transport and North Wales Minister, said: “I am absolutely delighted to welcome Starling Bank to Wales.
“Our thriving fintech 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.”
Around 45,000 people are employed within the digital economy in Wales with main hubs focused in Cardiff, Newport, Swansea and Wrexham.
Universities across the country also support the sector by producing around 7,500 computer science and engineering graduates each year.
Starling has made a strong start to 2020 as it confirmed last month that it has raised a further £60m from investors Merian Global Investors and JTC.
The bank has also confirmed that it will award shares to all employees, allowing everyone in the company to share directly in its success.