London-based FinTech Staling Bank has raised £60m in a Series C funding round as well as additional $15m investment from an existing backer.
Merian Global Investors led the round for the digital banking platform, bringing its total invested in Starling to approximately £50m.
The FinTech’s seed investor Harald McPike also invested £10m in the round following on from a recent $15m commitment.
The company has said it will use the new funding to support investment in its retail and SME banking products and accelerate its global expansion.
Starling Bank is a mobile only banking platform which offers users, payment services, transaction management and card control. Through the application a user can access both Android and Apple pay, by connecting the Starling Bank debit card to the payment solutions through the app.
The platform has no monthly fees and can be used to set up direct debit, standing orders or one-off payments. Transaction management allows for a clear track map of where money is being sent, with real-time updates keeping an up-to-date statement of funds in the account.
The banking app, which launched in May 2017 has a customer base of 460,000 personal current accounts and 30,000 SME accounts.
The start-up recently added three new institutional clients for its banking services division, which provides proprietary banking and payments infrastructure.
Starling Bank founder and chief executive Anne Boden said, “Building our platform and launching in the UK to provide genuine choice to retail, SME and Banking-as-a-Service customers was just the first step.
“Our ambition is to use our technology to build a next-generation global, digital banking platform, starting with our launch across Europe this year.
In December last year, Starling added Onedox, an app to help consumers manage their bills and insurance, to its in-app marketplace.
The company launched the in-app marketplace in February 2018, providing its customers with access to various financial services via their mobiles.
The challenger bank has partnered with a number of other FinTechs including pension provider PensionBee, digital investor Wealthsimple, and life insurer Anorak, among others. Starling has a number of other partnerships in its pipeline, it claims.
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
