
The digital challenger bank, which employs mobile and data technologies, has applied for a banking license from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) last year.
Upon receiving regulatory approval, Starling would attract mobile-focused customers by providing current account service that is currently offered by high street banks, The Financial Times reported.
The current accounts would be accessed via smartphones, according to computerweekly.com.
Starling Bank founder and CEO Anne 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. His commitment of US$70m is the catalyst needed to propel Starling’s launch."
The bank will use software-as-a-service (SaaS) tools to provide payment, card processing and risk systems; general ledgers, a ledger system for current accounts and security systems, all of which will be in a private cloud.
Starling named Standard Chartered alumnus Oliver Stocken as chairman.
Image: Starling Bank offers current accounts that would be accessed via smartphones. Photo: courtesy of blackzheep / FreeDigitalPhotos.net.