Commercial News

Starling Bank raises £75m to fund SME banking expansion

Rozi Jones -
|
13th February 2019
rocket launch up
"Building our platform and launching in the UK to provide genuine choice to retail, SME and Banking-as-a-Service customers was just the first step."

Starling Bank has raised a total of £75 million to support increased investment in its financial products in retail and SME banking.

Starling Bank raised £60 million in a funding round led by Merian Global Investors and a further £15 million from its existing investor.

The investment will also enable the digital banking platform to accelerate its global expansion, starting in Europe.

Since launching its app in May 2017, Starling has built up a customer base of 460,000 personal current accounts and 30,000 SME accounts.

Anne Boden, founder and chief executive of Starling Bank, said: “Building our platform and launching in the UK to provide genuine choice to retail, SME and Banking-as-a-Service customers was just the first step. Our ambition is to use our technology to build a next-generation global, digital banking platform, starting with our launch across Europe this year.

“We look forward to the support of the Merian Chrysalis team as we deliver the Starling product to a global audience.”

Nick Williamson, Merian Chrysalis co-portfolio manager, commented: “Financial services is a market undergoing considerable change, driven by technology and users’ desire for better and more convenient offerings.

"The Starling team has developed a highly impressive and efficient platform, which we believe positions it well to continue to take share in core banking markets, as well as the ability to offer innovative new services in the future. We are delighted to be backing Anne and her team with this investment, and look forward to supporting them as they realise the full potential of the business.”

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