Digital banking for good: Starling Bank bags €44.5M, to support small businesses hit by COVID-19

In the recent development, the UK digital Bank, Starling Bank has raised an additional £40 million (approx €44.5 million) in funding led by existing backers, Harry McPike’s JTC and Merian Chrysalis Investment Company Limited. 

The company is planning to use the funding to continue its rapid expansion as it disrupts the banking industry and to provide support for small business customers, who have been affected by COVID-19 pandemic. 

Founded by Anne Boden and John Humpish, the Starling Bank has opened 1.4 million accounts, including 155,00 business accounts since launching its banking app in May 2017. According to TechCrunch, the UK digital bank now holds somewhere around £2.4 billion (€2.67 billion) in deposits.

Anne Boden, founder, and chief executive of Starling Bank, said: “This additional funding from our existing investors demonstrates their commitment both to Starling and to our small business and personal customers who need our support now more than ever.”

A few days back, Starling Bank and Funding Circle, the UK’s largest small business loan platform, have entered a strategic partnership to provide £300 million (approx €334 million) of lending to small businesses under the Coronavirus Business Interruption Loan Scheme (CBILS).

The London-headquartered mobile banking application offers personal, business, joint, and euro current accounts on Android and iOS. The Starling Marketplace offers customers in-app access to a selection of third-party financial services. On top of that, it has B2B banking and payment services as well. The UK digital bank has offices in Southampton, Cardiff, and Dublin.

Main image credits: Starling Bank

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