Starling raises £30m to fund expansion

Starling Bank has raised £30 million in a new funding round, designed to support its retail and small business bank accounts, as well as its B2B banking services and European expansion.

The investment was led by Merian Chrysalis Investment Company putting in £20 million, while Starling’s existing investor, JTC, added a further £10 million.

Today’s investment brings the total raised by Starling to £263 million and follows a £75 million funding round, led by Merian Global Investors in February, as well as the award to Starling of £100 million from the Capabilities and Innovation Fund the same month.

Since launching its app in May 2017, Starling has opened 930,000 accounts. It expects to hit one million customers within weeks.

Anne Boden, founder and chief executive of Starling Bank, said: “We’ve come a long way since Merian Global Investors’ first investment of £50 million earlier this year, adding new products and features and accelerating our rate of customer acquisition.”

Richard Watts, co-portfolio manager of Merian Chrysalis, said: “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.”

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