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Starling raises £60m for overseas growth in post-Brexit boost

The digital bank has also announced it will give its 800 employees shares.

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Starling, one of the UK’s digital banking giants, has raised £60m from its existing backers, Merian Global Investors and JTC.

This latest round of investment brings the total raised by the bank to £323m and comes after two funding rounds worth a combined £105m led by Merian in 2019.

The funding will allow the bank to continue its expansion overseas after it recently announced it was turning their attention to Ireland and mainland Europe.

During this choppy period of post-Brexit uncertainty, this latest round of funding will be a welcome boost of confidence for Starling’s customers and SMEs in Britain and Europe. 

Anne Boden, founder and chief executive of Starling Bank, said: “We’re constantly innovating and have big ambitions to turn Starling into a world-leading digital bank.”

The UK challenger bank also announced that they will be giving their 800 employees shares in the company. 

Boden added: “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. So I’m thrilled to be giving shares to them.”

Since the launch of its banking app in May 2017, Starling now has 1.25m accounts and holds over £1.25bn in deposits. 

Starling has started recently turning its focus towards SMEs having recently reached a milestone 100,000 business customers. Starling also recently expanded its Business Marketplace to include services specifically aimed at freelancers and contractors and has launched in-house loans for up to £250k.

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