U.K.-based digital bank Starling Bank has announced securing £60 million in a fresh round of funding as part of a venture round. Merian Global Investors and Harry McPike’s JTC, the existing backers of the firm led the financing.
Prior to this round, Starling Bank had raised £30 million from MarianChrysalis in October last year. The current funding takes the total amount raised by the firm to £323 million. MerianChrysalis, Future Fifty, Capability and Innovation Fund, and Harald McPike are the other backers of the firm.
Anne Boden and John Humpish had started the company in 2014 as a mobile banking application and a debit card that enable users to manage their finances. The firm claims to have opened 1.25 million accounts which include consumer and business both since the launch of its banking app launched in May 2017. The company has offices in London, Southampton, Cardiff and Dublin where it has around 800 employees.
Anne Boden, the CEO of the firm talking about the deal and their plans 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. 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.”
Merian Chrysalis Investment Company Limited's co-manager Nick Williamson talking about the investment in Starling Bank 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.”
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