Starling Bank, a U.K.-based mobile bank for small and medium sized businesses, has raised 40 million pounds ($49 million), led by JTC and Merian Chrysalis Investment Co. 

The new funding round follows a funding round of 60 million pounds ($74 million) in February, bringing the total amount of funding raised this year to 100 million pounds ($123.7 million).

"This additional funding from our existing investors demonstrates their commitment both to Starling and to our small business and personal customers who need our support more than ever," Anne Boden, founder and CEO of Starling, said in a company statement. 

Starling has seen a rapid increase in customers, particularly in the SME area, since the COVID-19 pandemic forced businesses to shut their offices due to stay-at-home mandates. 

Starling has worked to boost lending to SMEs under a 300 million pound ($371 million) collaboration with the U.K. government under the Coronavirus Business Interruption Loan Scheme. 

Starling calls itself the fastest growing SME bank in Europe with a 2.6% share of the U.K. SME market. The bank said it has almost 500 million pounds ($619 million) in SME lending on its balance sheet. 

Photo courtesy of Starling Bank.