UK fintech Starling Bank raises £60m
UK digital bank Starling Bank has raised £60m from its existing investors, Merian Global Investors and JTC. The investment will bring the total raised by Starling to £323m and follows two funding rounds of £105m in aggregate led by Merian in 2019.
Starling has opened 1.25m accounts for consumers and small businesses, since launching its banking app in May 2017. It now holds more than £1.25bn on deposit.
The new funding will enable the bank to continue its rapid expansion as it disrupts the banking industry and provides genuine competition to the legacy banks.
Starling will also award shares to all 800 employees, allowing everyone in the company to share directly in its success.
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