News Formal

Starling plans to use a fresh $77.6 million in funding for its delayed European launch - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 51%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Starling's latest funding will help fuel its slow-and-steady approach to growth – which the neobank believes will bring sustainable profits in the near future

The new capital brings the total amount raised by Starling to date to £323 million , though the neobank's new valuation is currently unknown. It intends to use the new funds for further expansion, including the support of a planned European launch that was delayed due to Brexit concerns.

External funds are the lifeblood of most neobanks as they struggle to turn a profit, but Starling feels that it is on track to break even in the near future. Profitability is a long way off for most major neobanks that service consumers. For , per their most recent filings, Starling's major competitors in the UK, Monzo and Revolut, reported a pretax loss of £33.1 million and a post-tax loss of £32.8 million in 2018, respectively.

We think there are two primary factors that distinguish Starling's approach to neobanking and position it to fulfill Boden's assertion:

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wuhan coronavirus: Airbnb shuts down check-ins for Beijing until March - Business InsiderAirbnb confirmed in a statement to Business Insider that it would refund customers whose reservations have been cancelled. Maybe the person in charge of making this change has coronavirus?!!!
Source: BusinessInsider - 🏆 729. / 51 Read more »

Business InsiderA car dealer is selling Al Capone's bulletproof 1928 Cadillac sedan for $1 million — see inside I'll take 10. Tupac’s BMW is for sale for $1.75mm with bullet holes included
Source: BusinessInsider - 🏆 729. / 51 Read more »

Kind launches frozen bars and refrigerated nut butter bars - Business Insider$4 billion snack maker Kind says it will spend 'tens of millions of dollars more' to market its new frozen and refrigerated products, and hit $1.6 billion in sales in 2020 very cool
Source: BusinessInsider - 🏆 729. / 51 Read more »

How top companies are using VR to connect and train remote teams - Business InsiderFrom passenger cars to financial and professional services, VR is enabling major companies to train workers and connect teams from around the world.
Source: BusinessInsider - 🏆 729. / 51 Read more »