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Starling Bank secures £40 mn in funding from JTC & Merian Chrysalis

Anne Boden, Chief Executive Officer, Starling Bank

UK-based digital Bank, Starling Bank announced today that it has secured £40 million in an investment round led by JTC and Merian Chrysalis Investment Company Limited. This follows the £60 million investment in February 2020, which brings the total funding raised to £100 million.  The new funding round is expected to accelerate the Bank’s growth and enable it to support SMBs amidst the COVID-19 pandemic.

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.”

Starling Bank states that it now holds a 2.6% share of the UK’s SME banking market and has around £500 million of SME lending on its balance sheet, with further commitments raising the total to almost £1 billion. The Bank has recently collaborated under the CBILS program to ramp its lending services to the financially stressed SMEs.

IBS Intelligence reported that Starling Bank, this month, collaborated with UK-based small business loan platform, Funding Circle in a bid to offer £300 million of loans to SMBs under the Coronavirus Business Interruption Loan Scheme (CBILS). The British Business Bank has also accredited it as a Bounce Back Loan Scheme (BBLS) lender, able to provide term loans between £2,000 to 50,000 to SMEs struggling as a result of COVID-19.

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