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Starling Bank to raise £40m to drive international expansion

Tom Belger | 16:59 Wednesday 27th September 2017

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.

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