Starling Bank

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Starling Bank Ltd
Starling Bank
Private
IndustryFinancial services
Founded2014; 5 years ago (2014)
HeadquartersLondon,
United Kingdom
Key people
Anne Boden, CEO
ProductsBanking
Websitewww.starlingbank.com

Starling Bank (/ˈstɑːrlɪŋˈbæŋk/) is a digital, mobile-only challenger bank based in the United Kingdom,[1] operating current accounts,[2] and business banking.[3] Headquartered in London, Starling Bank is a licensed and regulated bank, founded by former Allied Irish Banks COO, Anne Boden, in January 2014.[4] Since its founding, it has received over $300m of funding.[5][6][7] The company received its banking licence from the Prudential Regulation Authority and the Financial Conduct Authority in July 2016.[8][9]

History[edit]

Starling was founded by Anne Boden, who had previously held the positions of COO for Allied Irish Banks, Head of EMEA (Global Transaction Banking) for RBS, Executive Vice President for ABN AMRO, and Vice President for UBS.[10][11] Boden began working on Starling in 2014.[12] In 2016, they announced the largest Fintech funding round of the year, raising £48 million.[13]

The company started its beta[2] and partnership with TransferWise[14] in March 2017.[15] The corresponding developer platform went live in April 2017.[16]

Founder Anne Boden announced in December 2017 that the bank intended to apply for the RBS Remedies Fund.[17]

In March 2018, Starling launched business accounts.[18][19]

In November 2018, Starling announced a partnership with Post Office.[20]

In February 2019, Starling launched personal Euro accounts in the UK.[21]

Starling's latest funding round was from Merian, raising £75m in February 2019.[22][23] The following week, Starling announced that it had secured a further £100m from the Capability and Innovation fund in the form of grant funding.[24]

Cards[edit]

Starling Bank offers a contactless Debit Mastercard. As of September 2019, Starling cards were not part of the LINK network; however, this does not prevent its customers from withdrawing up to £300 per day.[25][26]

In July 2018, Starling announced a new card design for both its personal and business customers, coloured teal and navy respectively. It features all the user's information on the back of the card, as well as the contactless and debit logos.[27]

Mobile apps[edit]

Starling Bank has built and released mobile apps for both iOS and Android phones.[28][29] Starling were also the first UK bank to have in-app provisioning for Apple Pay.[30]

The features of Starling's mobile apps include instant notifications of transactions, freezing and unfreezing customer's cards to prevent unauthorised transactions, categorising transactions for later analysis, creating separate "Goals" where money can be stored separately to customer's main balance and in-app chat with customer service representatives, among others.[31]

Starling currently has a market leading integration Open Banking and open APIs in to their "marketplace" to allow customers to use their data with other financial products.[32] The bank also offers a 'Settle Up' feature, where customers can quickly send money to friends and family.[33]

They also have a partnership with the Post Office,[34] in order to allow cash to be deposited.

References[edit]

  1. ^ Carey, Scott (1 November 2018). "The UK's new breed of digital challenger banks". Tech World. Retrieved 5 November 2018.
  2. ^ a b O'Hear, Steve (16 March 2016). "Starling Bank, a digital-only UK challenger bank, launches beta". TechCrunch. Retrieved 5 November 2018.
  3. ^ "Starling Bank moves into business banking". Finextra. 29 March 2018. Retrieved 5 November 2018.
  4. ^ Finnegan, Matthew (4 September 2014). "Former Allied Irish Bank exec to launch branchless 'mobile bank'". Computer World UK. Retrieved 5 November 2018.
  5. ^ https://www.independent.co.uk/news/business/news/rbs-fund-metro-bank-starling-clearbank-market-competition-business-a8791561.html
  6. ^ "Starling raises $70m for UK banking market push". Financial Times.
  7. ^ "Starling Bank raises £75m to fund international expansion". The Irish Times.
  8. ^ Wallace, Tim (14 July 2016). "Mobile-only bank Starling wins its licence". The Telegraph. Retrieved 5 November 2018.
  9. ^ "Starling Bank secures banking license; to launch in January 2017". Finextra. 14 July 2016. Retrieved 5 November 2018.
  10. ^ Williams-Grut, Oscar (23 April 2017). "'Big banks want to come see us every week': Starling CEO Anne Boden on building a bank from scratch". Business Insider. Retrieved 5 November 2018.
  11. ^ "Anne Boden". LinkedIn. Retrieved 5 November 2018.
  12. ^ Hancock, Ciarán. "Bold move into on-line banking by Anne Boden". The Irish Times. Retrieved 2 August 2019.
  13. ^ Williams-Grut, Oscar (20 April 2017). "Startup bank Starling raised £48 million last January — and it took 16 months for £30 million of it to come through". Business Insider. Retrieved 5 November 2018.
  14. ^ Bell, Lee (15 March 2017). "TransferWise partners with digital-only Starling Bank". Wired. Retrieved 5 November 2018.
  15. ^ Munford, Monty (28 March 2017). "Mobile banking is saving us 'billions' in charges". BBC News. Retrieved 5 November 2018.
  16. ^ Thompson, Scott (10 April 2017). "Starling Bank Developer Platform goes live". IBS Intelligence. Retrieved 5 November 2018.
  17. ^ Rumney, Emma (10 December 2017). "Britain's smaller banks jostle for business banking grants". Reuters. Retrieved 5 November 2018.
  18. ^ Key, Alys (29 March 2018). "Challenger bank Starling launches business accounts as it eyes £120m RBS competition pot". City A.M. Archived from the original on 31 March 2018.
  19. ^ Withers, Iain (4 October 2017). "Starling takes on the big banks with business lending play". The Telegraph. Retrieved 5 November 2018.
  20. ^ Field, Matthew (14 November 2018). "Digital bank Starling heads to the high street following Post Office deal". The Telegraph. Retrieved 25 November 2018.
  21. ^ "Euro bank account". Starling Bank. Retrieved 14 February 2019.
  22. ^ https://www.ft.com/content/3580018c-2f66-11e9-ba00-0251022932c8
  23. ^ https://techcrunch.com/2019/02/13/starling-bank-now-with-460k-consumer-accounts-raises-further-75m-for-european-expansion/
  24. ^ https://www.independent.co.uk/news/business/news/rbs-fund-metro-bank-starling-clearbank-market-competition-business-a8791561.html
  25. ^ "Our Members". LINK. Retrieved 15 November 2018.
  26. ^ "FAQ - Starling Bank". Starling Bank. Retrieved 11 November 2018.
  27. ^ https://www.designweek.co.uk/issues/23-29-july-2018/online-bank-starling-introduces-vertical-bank-card/
  28. ^ "App Store Preview - Starling Bank". iTunes App Store. Retrieved 5 November 2018.
  29. ^ "Starling Bank". Google Play Store. Retrieved 5 November 2018.
  30. ^ Fingas, Roger (18 July 2017). "UK's mobile-only Starling Bank adds Apple Pay support". Apple Insider. Retrieved 5 November 2018.
  31. ^ "Starling Bank, a Digital Disruptor, Makes Mobile Only Banking a Strong Possibility For Our Digital Future". Elf. Retrieved 2 August 2019.
  32. ^ "Starling Bank gets the award for Best Open Banking Strategy 2019". Retail Banker International. Retrieved 2 August 2019.
  33. ^ Casserly, Martyn. "Banking on your smartphone is becoming the new norm. Here's what UK-based Starling Bank has to offer". Tech Advisor. Retrieved 2 August 2019.
  34. ^ https://www.telegraph.co.uk/technology/2018/11/14/digital-bank-starling-heads-high-street-following-post-office/