Starling Bank has raised £60 million from existing investors Merian Global Investors and JTC.

The investment will bring the total raised by Starling to £323 million and follows two funding rounds of £105 million in aggregate led by Merian in 2019.

The new funding will enable the digital challenger bank to continue its expansion, and award shares to all 800 employees.

Founder and chief executive Anne Boden said: “The support of our existing investors represents a huge endorsement of our business strategy, as we continue to ramp up our growth.

“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.”

Nick Williamson, co-manager of Merian Chrysalis Investment Company, 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.”

Employees will be awarded shares in the company after they have completed the standard probation.

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