Starling will also give shares to all 800 employees, investing directly in its success
Starling Bank has raised £60 million from its existing investors, Merian Global Investors, and JTC.
The investment is expected to bring the total raised by Starling to £323 million. It follows two funding rounds of £105 million in total led by Merian last year.
Since the launch of its banking app in May 2017, Starling has opened 1.25 million accounts for consumers and small businesses. It currently holds more than £1.25 billion on deposit.
The funding will enable the bank to boost its expansion as it disrupts the banking industry and provides competition to the legacy banks.