Starling Bank looks to tap investors for £40m international expansion

 
Jasper Jolly
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Starling Bank is one of a new generation of digital-only apps

Digital-only bank Starling is set to tap up investors for another £40m in funding as it looks to expand overseas.

Starling will try to expand its operations in Europe if it successfully raises the money, starting with Ireland. It was the first of the new crop of British digital-only banks to launch a current account.

The fundraising round, first reported by Sky News, follows main investments from Harald McPike, a quantitative trader who invested £48m at the start of 2016.

Read more: Starling Bank just came a step closer to launch

The bank was founded by Anne Boden, a former chief operating officer at Allied Irish Banks. It is now fully regulated by the Prudential Regulation Authority and the Financial Conduct Authority.

In March Starling signed an agreement with fellow fintech firm Transferwise to allow users to make payments to accounts denominated in different currencies.

Meanwhile, in April Starling partnered with Pay by Bank app, mobile payment technology run by Vocalink.

Read more: Starling Bank's partnered with Vocalink for mobile payment tech

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