UK-based challenger Starling Bank has raised GBP 60 million in funding. Backers included existing investors Merian Global Investors and JTC.
The funding brought the total raised by Starling to GBP 323 million following two rounds of GBP 105 million in aggregate led by Merian in 2019. The company intends to use the funds to continue its expansion and award shares to all 800 employees.
Founded by Anne Boden, former Allied Irish Banks COO, in 2014, Starling Bank is a digital bank whose banking app offers personal, business and joint and euro current accounts on Android and iOS. The company also operates a Marketplace giving customers in-app access to a selection of third party financial services and B2B banking and payments services. Starling is a fully licensed and regulated bank which has opened 1.25 million accounts for consumers and small businesses, since launching its banking app in May 2017. It now holds more than GBP 1.25 billion on deposit.
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