Starling secures $70 million investment
11 January 2016 | 7858 views | 0
UK digital challenger bank Starling has raised $70 million from Harald McPike, the founder of Bahamas-based quantitative investment manager QuantRes.
The fledgeling startup is awaiting regulatory approval for its bid to enter the UK banking market, joining a host of mobile and digital-only challengers looking to take on the country's biggest banks.
Starling Bank is the brainchild of former AIB chief operating officer Anne Boden.
On the QuantRes investment, she says: "It was important to us to have an investor with not just the financial strength but who also shared our ambition of empowering people with meaningful insight into their own financial information. With his background in algorithmic trading, risk management and technology, Harald sees the significant potential of technology in the retail banking sector. His commitment of US$70m is the catalyst needed to propel Starling’s launch.”
The investment by McPike also trailed the appointment of a former regulatory and a number of industry heavyweights to the board, including Victoria Raffe, a former director of authorisations at the Financial Conduct Authority, and Standard Chartered alumnus Oliver Stocken who has been appointed chairman.