Starling Bank reveals surprise £30m funding round led by Merian Chrysalis

By Oliver Smith on Wednesday 23 October 2019

Digital Banking

Millionth Starling customer expected to sign up “within weeks”.

Starling Bank reveals surprise £30m funding round led by Merian Chrysalis
Image source: Anne Boden, CEO of Starling Bank.

Digital bank Starling has raised an additional £30m in funding, aimed at accelerating the bank’s expansion into Europe.

The fresh injection of cash includes £20m from the fintech-focused Merian Chrysalis fund, whose parent company Merian Global Investors led Starling’s £75m Series C just nine months ago.

“We’ve come a long way since Merian Global Investors’ first investment of £50m earlier this year, adding new products and features and accelerating our rate of customer acquisition,” said Starling CEO Anne Boden.

Boden said the new capital will be targeted at accelerating “our global expansion, starting in Europe, so that even more people can benefit from the Starling app.”

No details were shared on which European countries would be first on Starling’s list, but has long said that an Irish launch is coming and already has a hub in Dublin.

Boden also revealed that Starling’s 1m customer and £1bn deposit milestones are both coming “within weeks”.

Including the £100m grant Starling won from the BCR’s Capabilities and Innovation Fund, the bank’s total funding has now reached in excess of £263m.

Last week Starling joined fellow digital banking players Tide and Monzo by launching its first national TV ad.

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