UK digital bank Starling has raised 拢40m in a funding round led by JTC and Merian Chrysalis Investment Company Limited.
The investment from Starling鈥檚 existing investors follows a 拢60 million investment in February 2020, bringing the total raised to 拢100 million. Since its launch in 2014, the bank has raised 拢363.
Starling now has more than 1.4 million current accounts, including 155,000 business accounts, since launching its banking app in May 2017.
Its deposit base has more than doubled in the last six months and it now holds more than 拢2.4 billion on deposit.
It claims to be the fastest-growing bank for SMEs in Europe, and holds a 2.6% share of the UK鈥檚 SME banking market.
It has almost 拢500m of SME lending on its balance sheet, with further commitments raising the total to almost 拢1 billion.
Anne Boden, founder and chief executive of Starling Bank, said: 鈥淭his additional funding from our existing investors demonstrates their commitment both to Starling and to our small business and personal customers who need our support now more than ever.鈥�
The firm said it had seen 鈥渞obust鈥漜ustomer acquisition since the lockdown began, particularly in its business account channel, where daily sign-ups have accelerated from the start of the year.
Starling鈥檚 agile operating model also enabled it to step up its lending to SMEs in May, via a collaboration for 拢300 million under the government-backed Coronavirus 老九品茶 Interruption Loan Scheme (CBILS) and direct to its customers under its own CBIL and Bounce Back Loan Schemes.