Starling Bank in the process of raising €91m – reports

Starling Bank, a fintech start-up founded and led by former AIB chief operating officer Anne Boden, is reportedly in the process of raising £80 million (€91 million) from investors.

If confirmed, the latest financing would bring total fundraising for the digital banking challenger to about €140.5 million.

Starling, which like many of its fintech competitors has secured its banking passport to enable it to operate across Europe, is planning to launch services in Ireland this year.

The UK-based mobile-only challenger bank’s key rivals include Revolut, N26 and Monzo, as well as more traditional financial institutions.

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A number of media reports on Wednesday indicated that Starling is in the early stages of the funding round as it looks to expand the business.

A banking veteran, Ms Boden was a senior member of AIB’s management team between 2012 and 2013, before leaving to set up Starling in 2014.

Ms Boden told The Irish Times last year she left the Irish banking sector and established Starling because it was easier to set up a new bank in the UK than to "fix a broken system".

Starling, which promises customers can open online current account in minutes, became a direct member of the Single Euro Payments Area (SEPA) in December.

That move allows Starling customers to make cross-border money transfers, and builds on the company’s existing direct participation of the Target 2 payment system, providing the fintech with access to real-time settlement information and control features.

Starling’s primary backer to date has been hedge fund manager Harald McPike, the founder of Bahamas-based quantitative investment manager QuantRes.