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.”
-
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...