UK challenger bank Starling has raised £40mn from existing investors.
In Brief:
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The round was led by JTC and Merian Chrysalis Investment Company Limited.
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This brings Starling’s total raised this year to £100mn.
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Starling has 1.4mn current accounts, including 155,000 business accounts.
What does this mean?
Since launch, the bank has raised £363mn in total. Starling has lately been in the news as part of the UK Government’s various schemes to help SMEs through the Covid-19 crisis. SMEs are in many ways the bank’s bread and butter since it introduced its business product, and when Bounce Back Loans went live on the platform it lent out £90mn in one day and added 1,900 new business accounts.
The new finance has reportedly been invested on the understanding of just how important Starling’s support is to SMEs and will continue to be as the we come out of the crisis.
