Starling Bank secures £30m with user milestone on horizon
UK challenger Starling Bank has raised £30 million in a new funding round led by Merian Chrysalis Investment Company.
The new funding will be used to support “increased investment in Starling’s financial retail and SME bank accounts” and boost its expansion into European markets. It brings the total invested in the challenger to £263 million.
Starling Bank, which launched in May 2017, reports 930,000 accounts, and expects to hit one million “within weeks”.
“We’ve come a long way since Merian Global Investors’ first investment of £50 million earlier this year,” says Anne Boden, founder and CEO of Starling, “[we’ve been] adding new products and features and accelerating our rate of customer acquisition.”
“This latest investment of £20 million from Merian Chrysalis will support Starling’s rapid growth and help us reach one million customers and £1 billion 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, adds: “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.”