UK mobile bank is awarded £100 million grant

Starling Bank pledges to transform banking for small businesses as it is awarded £100 million grant

UK mobile bank is awarded £100 million grant. Source: facebook.com

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.

Starling Bank is delighted to have received this award. It will accelerate our ability to reshape the SME banking market. Starling will deliver an advanced fully-digital offering that connects SMEs with the financial solutions they need to thrive. This is the opportunity to bring new technology and a new approach to the sector
Anne Boden, founder and chief executive of Starling Bank

SEE ALSO: TOP-10 mobile-only banks

Categories: All materials Banks News
facebook