The UK’s leading digital bank Starling Bank has today announced it has raised a further £60m from its investors – and says it will be issuing shares to all of its 800 employees.
Starling’s latest funding from Merian Global Investors and JTC brings its total raised to £323m and follows two 2019 funding rounds led by Merian which aggregated £105m.
The new funding will enable the bank to continue its rapid expansion as it disrupts the banking industry and provides genuine competition to the legacy banks.
Starling has opened 1.25 million accounts for consumers and small businesses, since launching its banking app in May 2017. It now holds more than £1.25bn on deposit.
Starling will also award shares to all 800 employees, allowing everyone in the company to share directly in its success.
Anne Boden, founder and Chief Executive of 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 Company Limited, 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.”