Metro Bank currently has 12 stores in the Greater London area, most recently launching in Cheswick.
By the end of 2012 Metro Bank expects to have 700 employees, and to have opened seven additional stores across London and the Home Counties including Brighton, Reading, Hemel Hempstead, Romford, Staines and Epsom.
The plans come after the bank raised £126 million in new capital.
The bank first challenged the established banks on the high street in 2010, and has ambitions to grow to 200 stores in the Greater London area by 2020.
Metro Bank has tried to make itself stand out from other providers with initiatives such as 7 day a week branch banking and on the spot bank cards and cheque books.
In the time since it opened its doors, the bank has attracted 80,000 personal and business accounts.
Craig Donaldson, chief executive of Metro Bank, said the new capital would further strengthen the bank's growth plans.
"Londoners are flocking to us to open accounts and we've been blown away by local reaction to our style of community banking," he added.
"In particular, our strong lending book is a direct result of our model of local bankers making local loans, providing unparalleled personal service."
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