Challenger bank Starling is out raising a new £200M funding round
Starling founder Anne Boden recently told TechCrunch that the U.K. challenger bank is on track to be profitable by Christmas, but this doesn’t mean it isn’t out raising additional capital already.
According to TechCrunch, Starling has hired Rothschild with the aim of raising a new £200 million round. The draw is its expected profitability, which one source says is already creating private equity investor interest. Starling declined to comment.
Having raised £363 million to date, including a £100 million state-aid grant, Starling now boasts 1.9 million customers. Since launching business banking in March 2018 and subsequently taking part in the U.K. government’s bounce back scheme for struggling businesses hit by the pandemic, this also now includes more than 280,000 business accounts for sole traders and small to medium sized businesses.