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Starling seeks £35m from RBS bailout fund

Starling seeks £35m from RBS bailout fund

Starling is applying for another £35 million from the Royal Bank of Scotland bail out fund set up to promote competition in the UK's SME banking market.

Starling scored £100 million last year from the Banking Competition Remedies, which runs the £775 million fund, which was set up to meet EU rules for the state-aided bail out of RBS during the 2008 financial crisis.

Starling CEO Anne Boden tells Yahoo Finance UK that the challenger is now seeking up to a further £35 million.

"We’ve managed to build a very successful, high-growth SME business, we now have something like 3% of market share and we’re a safe pair of hands to be honest," says Boden

The challenger bank has already picked up £100 million from two separate funding rounds this year.

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