Smartphone-Based UK Bank Gets Additional £48m

Starling bank has received $48m investment as its smartphone-based current account seeks regulatory approval from the Prudential Regulation Authority.

Discovered by Anne Boden the bank plans to launch this year and will only offer a current account based on smartphones.

The latest backing of $70m (£48m) comes from global private investor Harald McPike, to which Boden said: "It was important to us to have an investor with not just the financial strength but who also shared our ambition of empowering people with meaningful insight into their own financial information.

"With his background in algorithmic trading, risk management and technology, Harald sees the significant potential of technology in the retail banking sector."

The bank will use the latest mobile and data technologies to support digital lifestyles. It will leave customers to decide what other financial products they wish to use and enable them access to third party financial services through apps.

The bank's infrastructure will use software-as-a-service (SaaS) tools.

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