A lot of money is being invested in the UK new Banking scene. Historical results for new banks have been mixed in the UK, but who knows may be this time is different1
Digital challenger Starling has raised $70 million from Harald McPike, the founder of Bahamas-based quantitative investment manager QuantRes. The fledgeling startup is awaiting regulatory approval for its bid to enter the UK banking market, joining a host of mobile and digital-only challengers looking to take on the country's biggest banks. The investment by McPike was revealed by the Financial Times, which also trailed the appointment of a former regulatory and a number of industry heavyweights to the board, including Victoria Raffe, a former director of authorisations at the Financial Conduct Authority, and Standard Chartered alumnus Oliver Stocken who has been appointed chairman.