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January 12, 2016updated 31 Aug 2016 10:30am

Starling Bank raises fund for its digital service in UK

News: App only bank secure $70m investment from QuantRes founder.

By CBR Staff Writer

Mobile based Starling Bank has raised $70m and named its board of directors as it prepares to launch into the UK banking market.

The bank named its board of directors which includes Victoria Rafféwho, worked with Financial Conduct Authority for two decades, as well as Marcus Traill and Craig Mawdsley who are joining as non-executive directors, alongside Mark Winlow and Steve Colsell.

The mobile app based bank is set to launch this year and will only offer a current account based on customers’ smartphones.

The bank is also expected to allow customers to access third-party financial services through apps.

The company still awaits regulatory approval for its launch this year.

Investor and QuantRes founder Harald McPike as saying: "Starling Bank will provide people with the kind of innovative leaps in their financial lives that they have experienced in transportation and video streaming, so this is an investment opportunity I could not pass up."

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