Starling Bank raises £30 million
Starling Bank has raised £30 million in a new funding round led by Merian Chrysalis Investment Company Limited which invested £20 million, along with participation from Starling’s existing investor JTC. The UK digital bank has raised £263 million to date.
The funding will support increased investment in Starling’s retail and SME bank accounts as well as its B2B banking services and enable it to accelerate its expansion into Europe.
The expansion will build on Starling’s “rapid success” to date in the UK and underscores its ambitions to change the face of banking: since launching its app in May 2017, Starling has opened 930,000 accounts and it expects to hit one million customers within weeks.
“We’ve come a long way since Merian Global Investors’ first investment of £50 million earlier this year, adding new products and features and accelerating our rate of customer acquisition. This latest investment of £20 million from Merian Chrysalis will support Starling’s rapid growth and help us reach one million customers and £1 billion on deposit within weeks. It will also help us accelerate our global expansion, starting in Europe, so that even more people can benefit from the Starling app.” – Anne Boden, founder and chief executive of Starling Bank.
“Starling is already proving to be a disruptive force in the banking industry, with its efficient, user-friendly platform gaining popularity among digitally savvy consumers and businesses. The new capital secured in this funding round will allow its management team to pursue its ambitious development programme and we’re delighted that we’re able to provide additional backing for this exciting business.” – Richard Watts, co-portfolio manager of Merian Chrysalis.