A digital bank hoping to “change the face of banking” has secured £30m in a new funding round.
London-based Starling Bank has secured the funding in a round led by Merian Chrysalis Investment Company Limited with an investment of £20m, with participation from existing investor JTC with a further £10m.
The funding will support increased investment in Starling’s financial retail and SME bank accounts, as well as its B2B banking services and enable it to accelerate its expansion into Europe.
Anne Boden, founder and chief executive of Starling Bank, said: “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.
“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.
“It will also help us accelerate our global expansion, starting in Europe, so that even more people can benefit from the Starling app.”
Richard Watts, co-portfolio manager of Merian Chrysalis, added: “Starling is already proving to be a disruptive force in the banking industry, with its efficient, user-friendly platform gaining popularity among digitally savvy consumers and businesses.
“The new capital secured in this funding round will allow its management team to pursue its ambitious development programme and we’re delighted that we’re able to provide additional backing for this exciting business.”
Re-disseminated by SINGFIN