REPORT: Starling is looking to raise £40 million in a new funding round

Starling’s app.Starling

LONDON – Startup bank Starling is seeking to raise £40 million from investors in a new funding round to drive international expansion.

The bank, which opened to the public earlier this year, has appointed advisory firm Quayle Munro to oversee the fundraising, according to Sky News.

According to the report, Starling plans to use the money to expand into other European markets, with the first of these likely to be Ireland, where it recently gained a passport — which will allow it to access EU markets after Brexit.

Insiders also told Sky that the bank was working on developments for its domestic UK consumers.

Earlier this year Business Insider reported that the bank had spent nearly £8.3 million in the year to November 2016 on “designing, building, and testing the software to support the banking platform.” Although it made pre-tax losses of £4.3 million in 2016, directors reported in accounts filed with Companies House that they were confident the bank can continue.

US quant trader Harald McPike has invested $70 million (£52 million) into the business since January 2016.