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Monday, December 16, 2019

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Starling Bank raises £30m to fund European expansion

Sam Monk | 16:31 Wednesday 23rd October 2019

Starling Bank has raised £30m from its latest funding round to accelerate its expansion into Europe.

Merian Chrysalis Investment Company led the round with funding totalling £20m, while JTC — the specialist bank’s existing investor — added a further £10m.

Starling will use the funding to support increased investment in its financial retail and SME bank accounts in addition to its B2B banking services.

The bank — which has now raised a total of £263m — has opened 930,000 accounts since launching its app in May 2017 and expects to reach one million customers within weeks.

“We’ve come a long way since Merian Global Investors’ first investment of £50m earlier this year, adding new products and features and accelerating our rate of customer acquisition,” said Anne Boden, founder and chief executive at Starling (pictured above).

“This latest investment of £20m from Merian Chrysalis will support Starling’s rapid growth and help us reach one million customers and £1bn on deposit within weeks.”

Richard Watts, co-portfolio manager at Merian Chrysalis, added: “The new capital secured in this funding round will allow [Starling’s] management team to pursue its ambitious development programme and we’re delighted that we’re able to provide additional backing for this exciting business.”

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