Expanding digital bank awards shares to employees following £60m fundraise

A London-based digital bank has raised £60m from its existing investors in order to boost its ongoing growth.

Starling Bank has secured multi-million pound funding from Merian Global Investors and JTC in order to propel its ‘rapid’ expansion and award shares to its 800 employees.

The latest investment brings the total raised by Starling to £323m since its launch in May 2017.

Anne Boden, founder and chief executive of Starling Bank, commented: “The support of our existing investors represents a huge endorsement of our business strategy, as we continue to ramp up our growth.

“We’re constantly innovating and have big ambitions to turn Starling into a world-leading digital bank.

“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.”

Nick Williamson, co-manager of Merian Chrysalis Investment Company Limited, added: “Starling has continued to innovate and has already established itself as one of the most highly-regarded UK challenger banks.

“Its superior user experience is winning over retail and business customers and we believe 2020 is set to be a defining year for the business.”

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