Starling Bank scoops £60 million in new funding

Starling Bank scoops £60 million in new funding

Starling Bank has raised a further £60 million from existing backers Merian Global Investors and JTC.

The investment brings the total raised by Starling to £323 million and follows two funding rounds of £105 million in aggregate led by Merian in 2019.

The UK challenger bank says it will award shares to all 800 employees, incentivising staff as it strives to meet a target for a first full year in profit by the end of 2021. Starling posted a £26.8 million loss in 2018.

Anne Boden, founder and chief executive of Starling Bank, says: “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.”

Starling's new funding round comes as reports emerge that fellow challenger Tandem is close to sealing a £50 million investment, some way off the £100 million number that was touted last Spring.

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