Starling Bank raises a further £60m funding and hands shares to all employees
Digital bank Starling has managed to raise another £60 million from its existing investors. It plans to use the investment to continue expanding, and will give its 800 employees shares in the company.
Starling launched in May 2017, and has since then opened more than 1.25 personal and business accounts for users, as well as raising a total of £323 million in funding. The funds invested this time around came from Merian Global and JTC, both previous Starling investors.
Anne Boden, Founder and Chief Executive at Starling Bank, said: “The support of our existing investors represents a huge endorsement of our business strategy, as we continue to ramp up our growth.
“We’re constantly innovating and have big ambitions to turn Starling into a world-leading digital bank. We could not do this without the support of our 800 employees, who work so hard to provide a better banking experience for our customers, giving them more control over their finances. So I’m thrilled to be giving shares to them.”
Nick Williamson, Co-manager of Merian Chrysalis Investment, said, “Starling has continued to innovate and has already established itself as one of the most highly-regarded UK challenger banks. Its superior user experience is winning over retail and business customers and we believe 2020 is set to be a defining year for the business.”