Leading UK digital bank Starling Bank has raised an additional £40m in funding, this is in additional to the £60m they raised in February; Starling now has 1.4 million accounts including 155,000 business accounts; the round was led by existing backers Harry McPike’s JTC and Merian Chrysalis Investment Company Limited; Starling is one of the few UK digital banks focused on small business, since launching SME accounts in 2018 they have amassed almost £500m of SME lending on their balance sheet and they claim to have a 2.6% share of the UK SME banking market; the new funding will allow Starling to continue to invest in growth and to provide “much-needed support to small business customers who have been hit by the coronavirus emergency.” TechCrunch
