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23
Oct

Starling Bank has raised an additional £30m

UK challenger bank Starling Bank has raised an additional £30m as it is closing in on its one millionth customer.

Merian Chrysalis, the FinTech-focused investment fund that supported Klarna’s $460m round this summer, let Starling Bank’s latest cash injection. It put £20m to the round with JTC, which had also supported Starling Bank in the past, added the other £10m.

Starling Bank will use the new money to build up its consumer and SME bank accounts and to boost its B2B banking services, according to Techcrunch.

With the new round on top of the £75m it raised in February this year, Starling Bank has raised a total of £263m to date.

The bank also said that it now has 930,000 customers. However, that is a far cry from some of the UK challenger bank’s domestic competitors. For instance, Revolut reportedly has seven million customers and Monzo have three million, according to data from FinTech Global.

In August, Starling Bank’s founder and CEO Anne Boden said the challenger bank had entered “rocket ship mode” as it estimated that it would break even by the end of 2020.

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