The UK based challenger bank named Starling Bank was founded by a banking veteran called Anne Boden and it has hiked more £30 million amount in funding.
Starling said that the new funding would support the increased investment in their consumers as well as the SME bank accounts and also the B2B banking services. Besides, the capital would too be used to increase the expansion across the entire Europe.
It was launched in 2017 May and Starling has already raised around £263 million to date and in the February this year, it had disclosed a funding round of £75 million. In the same month, it was awarded a huge amount (£100 million) from Capabilities and Innovation Fund and it was installed by the Royal Bank of the Scotland to fulfill the European state help conditions during their financial crisis. Starling is now using this Capabilities and Innovation Fund award to create their SME account.
The competitors like Monzo, N2 and Revolut are still really tough and all of them have various opened accounts which have million amount. Besides the accounts have gradually been growing quite faster though this hyper growth has several problems. However, Starling always has talked about the average deposits of the bank number which is higher than the other upstarts. In addition, the evidences that the consumers are utilizing the new banking offerings in various ways. Boden has said that the latest investment of the £20 million from Merian Chrysalis would support the rapid growth of Starling and aid them to reach one million customers.