Posted on November 12, 2018 by staff

Starling Bank ‘secures eight-figure funding amount’


FinTech Starling Bank has reportedly secured £10 million of new funding from its biggest backer.

The Daily Telegraph reports that Bahamas-based hedge fund manager Harald McPike, who has already invested tens of millions of pounds into the firm, has pledged another £10m.

The start-up, founded by CEO Anne Boden MBE in 2014, was backed by investors to the tune of £48m in 2016. If confirmed, the £10m injection would take its total funding to date to £68m.

Starling Bank, which received its banking licence in 2016, now has more than 320,000 customers on its mobile platform. It claims that six people switch to Starling for every person leaving and is planning to launch in Europe.

The Telegraph said Starling has appointed JP Morgan Chase to advise on the upcoming deal, although it added that both Starling and JP Morgan declined to comment on the fundraising.

Swansea-born Boden told BusinessCloud recently that she still experiences biases against women in finance and technology – but says things are beginning to change.