Starling Bank secures £75m Series C funding led by Merian Global Investors to fuel international expansion.
The digital banking platform has closed a £75m Series C round led by Merian Global Investors to fund product development and European growth.
Starling Bank is a digital bank based in the UK offering personal and business accounts, alongside lending products and banking services. Headquartered in London, the bank operates a proprietary technology platform that powers its own operations and offers a marketplace of financial services.
Starling Bank has secured £75m in a Series C financing round led by Merian Global Investors alongside participation from existing backer Harald McPike. The company will direct the capital towards enhancing its retail and SME financial products, expanding banking services in the UK, and scaling operations internationally across Europe.
The raise follows rapid customer acquisition for the digital bank, which launched its application in May 2017 and counts hundreds of thousands of personal and business accounts. J.P. Morgan acted as exclusive financial adviser for the transaction, with regulatory approvals governing portions of the investment.
From the founder
"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."
Anne Boden
Founder and CEO at Starling Bank
Investor perspective
"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."
Nick Williamson
co-fund manager, Merian Chrysalis Investment Company
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Categories
About the company
Starling Bank
Starling Bank provides digital banking and payment services for personal and business customers.