Anne Boden, CEO, Starling Bank

UK Challenger Bank, Starling Bank, has secured £75 in a recent Series C funding round, led by the Merian Global Investors and other existing investors such as Harald McPike and QuantRes. The total investment by Merian Global investors stands at £50 million whereas the seed investor- Harald McPike invested £10 million followed by £15 million thus bringing the total to £75 million.

 

The funding will support increased investment in Starling’s pioneering financial products in retail and SME banking as well as banking services in the UK. It will also enable the digital banking platform to accelerate its global expansion, starting in Europe.

Anne Boden, founder and chief executive of Starling Bank, said:“Building our platform and launching in the UK to provide genuine choice to retail, SME and Banking-as-a-Service customers was just the first step. Our ambition is to use our technology to build a next-generation global, digital banking platform, starting with our launch across Europe this year.

“We look forward to the support of the Merian Chrysalis team as we deliver the Starling product to a global audience.”

Merian Chrysalis is an investment company working under the advisory of Merian Global investors( formerly knowns as Old mutual global investors). The company was specifically created to invest in late-stage private companies. Merian Global Investors has a total of £28.9billion under management.

Nick Williamson, Merian Chrysalis co-portfolio manager, said: “Financial services is a market undergoing considerable change, driven by technology and users’ desire for better and more convenient offerings. The Starling team has developed a highly impressive and efficient platform, which we believe pos

itions it well to continue to take share in core banking markets, as well as the ability to offer innovative new services in the future. We are delighted to be backing Anne and her team with this investment, and look forward to supporting them as they realize the full potential of the business.”

Starling Bank is a digital bank based in the UK, offering personal, business, joint and euro current accounts. It also operates a Marketplace as well as Payment Services for banks, e-money institutions, government and corporates, and a Banking-as-a-Service platform. Headquartered in London, Starling is a fully licensed and regulated bank, founded by former Allied Irish Banks COO, Anne Boden, in January 2014.

The Merian Chrysalis Investment Company Limited is a Guernsey-domiciled investment company traded on the London Stock Exchange. It aims to generate long-term capital growth through investing in a portfolio consisting primarily of equity or equity-related investments in unquoted companies. The Company’s investment adviser is Merian Global Investors.

 

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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