UK challenger bank Starling has raked in an additional £40m ($49.3m) funding round to provide support for Covid-19 impacted small business customers, TechCrunch has reported.
The funding round was led by existing backers Harry McPike’s JTC and Merian Chrysalis Investment Company.
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The latest fundraising brings the total amount raised by the company to date to £363m ($447.4m), since its launch in 2014, the report added.
Starling Bank handles 1.4 million accounts including 155,000 business accounts and holds £2.4bn ($2.95bn) in total deposits.
Starling Bank founder and CEO Anne Boden said: “This 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.”
Currently operating in England and Wales in the UK, and Dublin in Ireland, Starling offers personal, business, joint, and euro current accounts on mobile devices.
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By GlobalDataThe bank also empowers customers with in-app access to a suite of third-party financial services. It provides B2B banking and payment services as well.
Recently, the London-based mobile bank partnered with UK SME lender Funding Circle to lend £300m ($369m) to businesses amid the Covid-19 pandemic.
Last month, Starling Bank launched a mobile cheque deposit feature, enabling customers to deposit cheques using their mobile phones.
