UK-based digital only challenger bank Starling Bank is looking to raise up to ?40m from investors in a new funding round.
The company has named?advisory firm Quayle Munro to supervise the fundraising, which cites people with knowledge on the matter.
Starling Bank is a mobile only banking platform which offers users, payment services, transaction management and card control. Through the application a user can access both Android and Apple pay, by connecting the Starling Bank debit card to the payment solutions through the app.
The platform has no monthly fees and can be used to set up direct debit, standing orders or one-off payments. Transaction management allows for a clear track map of where money is being sent, with real-time updates keeping an up-to-date statement of funds in the account.
This round of capital will be used to help with Starling Bank global expansion, and the development of its current account product.
The new fundraise comes after the bank picked up a $70m investment at the beginning of the year.
Online banking has received the most investments in 2017 so far, pulling in 30.9 per cent of all funding.
Copyright ? 2017 FinTech Global
