London-based mobile banking platform Starling Bank has just secured a fund infusion of €68 million from Merian Global Investors including the Merian Chrysalis Investment Company Limited.
An existing investor has also participated in the series C round with additional capital of €17 million. Till date, Starling Bank obtained overall funding of €167 million.
Merian Chrysalis co-portfolio manager Nick Williamson stated, “Financial service is 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.”
Starling Bank – a smart banking solution
Founded in 2014, the digital platform offers real-time, secure and seamless banking experiences to users. Starling Bank now maintains 460,000 personal current accounts and 30,000 SME accounts. Further, it facilitates users with business banking, lending, money transfers, budgeting and saving tools.
With 11 partners, the Starling Marketplace is an integrated digital marketplace offering accessibility to third-party financial services for its users.
Post the launch of its app in 2017, Starling has been catering innovative financial products to customers. Euro account that allows free transactions of Euros for UK residents is worth mentioning in this regard.
Plans ahead
By the end of 2019, Starling Bank aims to accomplish one million customers. The startup will utilise the fresh capital in developing cutting-edge financial products for retail and SME sector and escalate operations in Europe.
Anne Boden, founder and chief executive of Starling Bank articulated, “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. Our ambition is to use our technology to build a next-generation global, digital banking platform, starting with our launch across Europe this year.”
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