Starling Bank approaches its millionth account
UK digital bank Starling has raised £30 million to fund its expansion. The main reason for this is the rapid growth of app users. Since the launch of the app in May 2017, Starling has created 930,000 accounts, and for now, it expects to reach one million consumers in weeks. The funding tends to support Starling’s retail investment and SME bank accounts to accelerate its extension all over Europe.
The new investment brings the total raised by Starling to £263 million and follows a £75 million funding round, led by Merian Global Investors in February 2019, as well as the award to Starling of £100 million from the Capabilities and Innovation Fund, also in February. Starling is using the CIF award to build out its SME account.