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

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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:

 

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