Starling Bank, the first mobile-only bank to launch a current account in the UK market, is to open its latest fundraising round, driving its expansion beyond the UK.
The London-based challenger bank, which delivers a new customer experience for personal finance management, has engaged Quayle Munro as their advisers to raise up to £40mn in the first half of 2018.
This round of funding will primarily serve to drive Starling Bank’s ambitious growth strategy in Europe and further develop the current account product. In June, Starling received its banking passport into Ireland as its first step to bring the product to market in Europe.
The capital will also enable Starling to diversify their current account product to other areas of the domestic market and to integrate new features that will provide consumers with greater choice in how to manage their personal finances.
Today’s announcement follows Starling’s initial fundraising round that totalled a £48mn investment from quantitative trader and global private investor, Harald McPike.