Starling Bank has announced it is to open a £40 million fundraising round to help accelerate its international expansion.

The London-based challenger bank has engaged Quayle Munro as their advisers to raise up to £40 million in the first half of 2018.

This round of funding will primarily serve to drive Starling Bank’s growth strategy in Europe and further develop its current account product. In June, Starling received its banking passport into Ireland as its first step to bring the product to market in Europe.

The capital will also enable Starling to diversify their current account product to other areas of the domestic market and to integrate new features that will provide consumers with greater choice in how to manage their personal finances.

Today’s announcement follows Starling’s initial fundraising round that totalled a £48 million investment from quantitative trader and global private investor, Harald McPike.

Anne Boden, CEO and founder of Starling Bank, said: “As Starling Bank continues to grow, and our customer base expands every day, this funding will help us consolidate our current share of the market and drive our growth both in the UK and internationally.

“This is yet another stepping stone in Starling’s mission to realign the retail banking sector in the interest of consumers. On each occasion I set out to secure further funding I am reminded of my objective to ensure everybody has an offer of a healthier financial life.”

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