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.
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...