British digital lender Starling Bank has raised a total of £75m to fund its global expansion plans.

The challenger bank has secured £60m in Series C funding round led by Merian Global Investors, and an additional £15m from its existing investor.

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Starling Bank funding: Future plans

With the new funding, Starling Bank aims to accelerate its global expansion plans. Initially, the digital lender aims to launch its platform in various European markets.

Last month, it was reported that the bank is planning to launch its services in France and Germany.

Additionally, the investment will be used by the bank to bolster its retail and SME banking service portfolio in the UK.

Starling Bank founder and chief executive Anne Boden said: “Building our platform and launching in the UK to provide genuine choice to retail, SME and Banking-as-a-Service customers was just the first step.

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“Our ambition is to use our technology to build a next-generation global, digital banking platform, starting with our launch across Europe this year.

“We look forward to the support of the Merian Chrysalis team as we deliver the Starling product to a global audience.”

The bank launched its app in May 2017 and now boasts 460,000 personal current accounts and 30,000 SME accounts.

It aims to achieve one million customers by the end of this year. Recently, Starling Bank introduced a euro account which allows UK residents to hold, send and receive Euros for free.

In the latest fundraising round, JP Morgan acted as exclusive financial advisor to Starling Bank.