UK challenger bank Starling has secured £30m in its latest funding round – bringing the firm’s total money raised to £263m.
Led by a £20m investment from Merian Chrysalis Investment Company, the funding round also received support from the neobank’s existing investor, JTC, adding a further £10 million.
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.
“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.”
With the money raised, Starling will boost its retail and SME banking account offerings as well as its B2B banking services and enable it to accelerate its expansion into Europe.
Since launching its app in May 2017, Starling has opened 930,000 accounts and it is expected to hit one million customers “within weeks.”
Richard Watts, co-portfolio manager of Merian Chrysalis, added: “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.”
