British challenger bank Starling Bank has raised $70m (£48m) from an American investor Harald McPike to support its move into the UK banking market.

Commenting on the investment, McPike, the founder of Bahamas-based quantitative investment manager QuantRes, said: "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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Starling Bank, focused exclusively on current accounts, has been set up by Allied Irish Bank’s former chief operating officer Anne Boden.

The bank has already applied to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for a banking license in last year end.

Additionally, the digital bank has also named former Standard Chartered non-executive director Oliver Stocken as chairman, and Victoria Raffé, Marcus Traill and Craig Mawdsley as non-executive directors.

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