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Monday, December 16, 2019

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Starling Bank raises £75m to fund global expansion

Martin Greenland | 13:00 Wednesday 13th February 2019

Starling Bank has raised a total of £75m to fund its global expansion, which is due to start in Europe.

The mobile bank raised £60m in a Series C funding round led by Merian Global Investors, including the Merian Chrysalis Investment Company Limited.

In addition, Starling raised £15m from its existing investor.

The bank said it would use the funding to support increased investment in its financial products in retail and SME banking and to accelerate its global expansion, starting in Europe.

“Building our platform and launching in the UK to provide genuine choice to retail, SME and banking-as-a-service customers was just the first step,” said Anne Boden, founder and chief executive at Starling Bank (pictured above).

“Our ambition is to use our technology to build a next-generation global, digital banking platform, starting with our launch across Europe this year.

“We look forward to the support of the Merian Chrysalis team as we deliver the Starling product to a global audience.”

Nick Williamson, co-portfolio manager at Merian Chrysalis, said that financial services was a market undergoing considerable change, driven by technology and users’ desire for better and more convenient offerings.

“The Starling team has developed a highly impressive and efficient platform, which we believe positions it well to continue to take share in core banking markets, as well as the ability to offer innovative new services in the future.

“We are delighted to be backing Anne and her team with this investment, and look forward to supporting them as they realise the full potential of the business.”

Since launching in May 2017, Starling has attracted 460,000 personal current account customers and 30,000 SME accounts.

Starling aims to hit one million customers by the end of this year.

 

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