Starling Bank’s £10m funding helps it make a stand to Monzo
Starling Bank, the mobile-only bank, has secured £10 million of new capital from Bahamas-based hedge fund manager Harald McPike.
According to the Daily Telegraph, the funding is in preparation for a £80 million round to keep up, or perhaps surpass, other mobile challengers like Monzo, which recently raised £85 million to reach a £1.5 billion valuation, and getting over 1.1 million customers.
McPike is a long-standing Starling investor, having participated heavily in previous rounds. It is understood that Starling Bank has appointed JP Morgan Chase as an advisor in the round.
This new funding gives Starling Bank a total of £68 million raised, having raised a further £10 million from existing investors earlier this year.
Starling Bank’s growth has been somewhat overshadowed by Monzo’s, and it has reached over 320,000 customers across its personal and business accounts.
Starling Bank has been reached out for comment.
Allegedly, Starling is keeping a keen eye on the £120 million fund pot from the RBS Remedies Fund.
The bank has also been the star of some other piece of news today, as it has partnered with the Post Office to allow Starling current and business account customers to deposit and withdraw cash through the Post Office’s branches.
Perhaps not so mobile-only after all.
