Starling Bank has attracted over $ 120 million investment

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Bank plans to spend resources to support businesses affected by COVID-19 epidemic

The British Nobank attracted over 120 million dollars of investment. Photo: richardvanhooijdonk.com

British Starling Bank raised £ 40 million ($ 49.5 million) from JTC and Marion Chrysalis Investment Company, resulting in a total investment of $ 100 million ($ 124 million) from the bank this year.

Since the launch of the application (May 2017), Starling’s customers have opened more than 1.4 million accounts in the bank, including 155 thousand accounts of business representatives. In the last six months, Starling Bank’s deposit base has more than doubled, to over 2.4 billion pounds ($ 2.9 billion).

According to Starling, Nebank is rapidly gaining popularity among British companies in the field of small and medium-sized businesses. It currently holds around 2.6% of the SME lending market in the UK. The bank has already issued corporate loans worth around £ 500 million and is now expected to raise this amount to £ 1 billion.

According to the bank’s website, the money received from investors will help Starling “provide much-needed support to customers whose business has suffered from the coronovirus epidemic”, as well as continue its growth.

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We previously noted that due to the coronavirus epidemic, the number of British Nebank application downloads decreased by 23.38% in March. This is evidenced by the Finbold company, which is engaged in financial market studies.

Leading this anti-rating was Monzo, whose application download dropped by 36.12% to 148 608 downloads in March. In February, the figure was 232,639 downloads. At the same time, from February to March last year, the number of Manzo applications downloads increased by 27.68% from 123,317 to 157,463.

Revolut Digital Bank also faced a download decrease of 18.16%. From February to March, the number of downloads dropped from 116 648 to 95 461. In the same period last year, like Monzo, Revolt experienced an increase in its customer base, while growth was 13.19%.

The number of installations of Starling Bank application also decreased by 20.03% and the number of new downloads decreased from 100,704 to 80,523. Last year, the number of new downloads increased by 11.36%.

Read:
He conquered the world: the top 10 most successful nobank in Europe
How to buy products during self-segregation: Nobank proposed a solution


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