Starling Bank pledges to transform banking for small businesses as it is awarded £100 million grant
The UK mobile bank Starling has today been awarded a £100 million grant from the Capability and Innovation Fund (CIF).
The bank has pledged to use the money to create 398 new jobs in the UK and to invest £94.8 million of its own money to help build a better bank for the small and medium-sized enterprises (SMEs) that are the lifeblood of the British economy.
Starling will make £913 million of balance sheet lending available to SME customers by the end of 2023. It expects to achieve a 6.7% market share within five years.
The grant comes from a £775 million fund created as a condition on RBS for accepting £45 billion bailout during the financial crisis.
SEE ALSO: TOP-10 mobile-only banks