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Starling Bank raises £60m for expansion


Starling founder Anne Boden

Starling founder Anne Boden

Starling founder Anne Boden

Starling Bank, a digital bank in the UK founded by former AIB chief operating officer Anne Boden, has raised £60m (€71m) from existing investors, Merian Global Investors and JTC.

The bank is one of a number of UK digital platforms - along with Revolut and Monzo - targeting expansion into Ireland, where their more agile and innovative product offers could threaten the dominance of traditional lenders.

The latest round of funding 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 1.25 million accounts for consumers and small businesses since launching its banking app in May 2017. It now holds more than £1.25bn on deposit, the company said.

The bank has around 800 employees.

Ms Boden said the new funds represented a vote of confidence in the bank.

"The support of our existing investors represents a huge endorsement of our business strategy, as we continue to ramp up our growth.

"We're constantly innovating and have big ambitions to turn Starling into a world-leading digital bank."

Starling's banking app offers personal, business, joint and euro current accounts on Android and iOS while giving customers in-app access to third-party financial services.

Starling also offers B2B banking and payments services.

Irish Independent