Starling Bank has set its sights on international expansion as it prepares to open a £40m fundraising round .
The mobile-only bank has appointed Quayle Munro as its advisers to raise the finance in the first half of 2018.
The funding will mainly be used to drive Starling's growth strategy in Europe as well as to further develop its current account product.
In June, Starling received its banking passport into Ireland as its first step to bringing the product to market in Europe.
Starling will also use the funds to diversify its current account to other areas of the domestic market and to integrate new features that will provide consumers with a wider range of choice in how to manage their personal finance.
“As Starling Bank continues to grow, and our customer base expands every day, this funding will help us consolidate our current share of the market and drive our growth both in the UK and internationally,” said Anne Boden, CEO and founder of Starling Bank (pictured above).
“This is yet another stepping stone in Starling's mission to realign the retail banking sector in the interest of consumers.
“On each occasion I set out to secure further funding, I am reminded of my objective to ensure everybody has an offer of a healthier financial life.”
Starling's initial fundraising round totalled £48m from quantitative trader and global private investor Harald McPike.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
STB Commercial Finance opens Leeds office
Secure Trust Bank (STB) Commercial Finance has opened a new office in Leeds as it continues its national expansion...
Starling expands payment services and banking-as-a-service offer
Starling Bank is expanding its banking-as-a-service and payment services offer to enable other companies to offer retail banking and make payments...
Tandem launches Journey Card
Digital bank Tandem has launched a new credit card to help users who don’t have a credit history to build a strong profile...
Starling set to launch business accounts for multi-director limited companies
Starling Bank has announced that the bank would soon open its business accounts for limited companies with multiple directors...
Aldermore increases rates on business savings products
Aldermore has increased rates across its fixed rate and customised fixed rate (CFRA) business savings accounts...
Teachers Building Society amends lending criteria
Teachers Building Society has updated and amended its lending criteria to provide intermediaries with a detailed overview of its requirements for both teacher and non-teacher applicants...
What lenders look for when financing hotel projects
This week, I’ll be at the Annual Hotel Conference in Manchester where I’ll be speaking on Thursday about the funding options available to hotel businesses when it comes to financing future projects...
Bank on Dave launches funding round to support bank plans
Burnley Savings and Loans Limited – known as Bank on Dave – has launched a funding round of £2.5m on crowdfunding platform Seedrs...
Klarna partners with H&M
Swedish bank Klarna has entered into a global partnership with H&M group to further integrate H&M’s digital and physical stores...
ICC Banking Commission announces long-term agreement with GCD
The International Chamber of Commerce (ICC) Banking Commission has signed a long-term partnership with Global Credit Data (GCD) to strengthen analysis within the ICC Trade Register...
OakNorth provides £42m loan to nationwide pub operator
OakNorth has completed a £42m loan to Red Oak Taverns to support the national pub operator’s continued expansion across the UK...