Headquartered in London, Starling Bank is a digital bank that offers personal, business, and joint and euro current accounts on Android and iOS. In a recent development, the UK company has raised £60 million (approx €71 million) from its existing investors, Merian Global Investors, and JTC.
This investment brings the total raised by Starling to £323 million (€381 million) and follows two funding rounds of £105 million (approx €124 million) in aggregate led by Merian in 2019.
To date, the digital bank has opened 1.25 million accounts for consumers and small businesses, since launching its banking app in May 2017. It now holds more than £1.25 billion on deposit. The Starling Marketplace offers customers in-app access to a selection of third-party financial services.
Anne Boden, founder, and chief executive of Starling Bank, said:
The support of our existing investors represents a huge endorsement of our business strategy as we continue to ramp up our growth. We’re constantly innovating and have big ambitions to turn Starling into a world-leading digital bank.
As per the company claims, the new funding will enable the bank to continue its rapid expansion. Also, it will award shares to all 800 employees, allowing everyone in the company to share directly in its success.
We could not do this without the support of our 800 employees, who work so hard to provide a better banking experience for our customers, giving them more control over their finances. So I’m thrilled to be giving shares to them.
Nick Williamson, co-manager of Merian Chrysalis Investment Company Limited, said:
“Starling has continued to innovate and has already established itself as one of the most highly-regarded UK challenger banks. Its superior user experience is winning over retail and business customers, and we believe 2020 is set to be a defining year for the business.”
Headquartered in London, with offices in Southampton, Cardiff and Dublin, Starling is a fully licensed and regulated bank, founded by Anne Boden, former Allied Irish Banks COO, in 2014.
Main image credit: Starling Bank
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