Starling Bank

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Starling Bank Ltd
Starling Bank
Private
IndustryFinancial services
Founded2014; 4 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] business banking,[3] and a payments service scheme for merchants.[4] Headquartered in London, Starling Bank is a licensed and regulated bank, founded by former Allied Irish Banks COO, Anne Boden, in January 2014.[5] Since its founding, it has received significant funding, including $70 million of investment in early 2016.[6] The company received its banking licence from the Financial Conduct Authority in July 2016.[7][8]

History[edit]

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,[9][10] began working on Starling in 2014. In 2016, they announced the largest Fintech funding round of the year, raising £48 million.[11]

The company started its beta[2] and partnership with TransferWise[12] in March 2017.[13] The corresponding developer platform went live in April 2017.[14]

In June 2017, at the FinTech Conference 'Money20/20', Starling announced its entry in the Republic of Ireland.[15]

Founder Anne Boden announced in December 2017 that the bank intended to apply for the RBS Remedies Fund.[16]

In March 2018, Starling launched business accounts.[17][18]

In November 2018, Starling announced a partnership with Post Office.[19]

Cards[edit]

Starling Bank offers a contactless Debit Mastercard, manufactured by AllPay.[20] As of November 2018, Starling were not part of the LINK network, however this does not prevent its customers from withdrawing up to £300 per day.[21][22]

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.[23]

Mobile apps[edit]

Starling Bank has built and released mobile apps for both iOS and Android phones.[24][25] Starling were also the first UK bank to have in-app provisioning for Apple Pay.[26]

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.[citation needed]

Starling is currently working on integrating Open Banking and open APIs in to their "marketplace" to allow customers to use their data with other financial products. They are also working with the Post Office in order to allow cash to be paid in through them instead of NatWest.[19][22][citation needed]

References[edit]

  1. ^ Carey, Scott (November 1, 2018). "The UK's new breed of digital challenger banks". Tech World. Retrieved November 5, 2018.
  2. ^ a b O'Hear, Steve (March 16, 2016). "Starling Bank, a digital-only UK challenger bank, launches beta". TechCrunch. Retrieved November 5, 2018.
  3. ^ "Starling Bank moves into business banking". Finextra. March 29, 2018. Retrieved November 5, 2018.
  4. ^ Anderson, Steven (March 1, 2018). "Starling Bank Augments Payments With Bacs Payment Schemes Limited". Payment Week. Retrieved November 5, 2018.
  5. ^ Finnegan, Matthew (September 4, 2014). "Former Allied Irish Bank exec to launch branchless 'mobile bank'". Computer World UK. Retrieved November 5, 2018.
  6. ^ "Starling raises $70m for UK banking market push". Financial Times. (Subscription required (help)).
  7. ^ Wallace, Tim (July 14, 2016). "Mobile-only bank Starling wins its licence". The Telegraph. Retrieved November 5, 2018.
  8. ^ "Starling Bank secures banking license; to launch in January 2017". Finextra. July 14, 2016. Retrieved November 5, 2018.
  9. ^ Williams-Grut, Oscar (April 23, 2017). "'Big banks want to come see us every week': Starling CEO Anne Boden on building a bank from scratch". Business Insider. Retrieved November 5, 2018.
  10. ^ "Anne Boden". LinkedIn. Retrieved November 5, 2018.
  11. ^ Williams-Grut, Oscar (April 20, 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 November 5, 2018.
  12. ^ Bell, Lee (March 15, 2017). "TransferWise partners with digital-only Starling Bank". Wired. Retrieved November 5, 2018.
  13. ^ Munford, Monty (March 28, 2017). "Mobile banking is saving us 'billions' in charges". BBC News. Retrieved November 5, 2018.
  14. ^ Thompson, Scott (April 10, 2017). "Starling Bank Developer Platform goes live". IBS Intelligence. Retrieved November 5, 2018.
  15. ^ O'Hear, Steve (June 25, 2017). "Starling Bank passports to Europe, first stop Ireland". TechCrunch. Retrieved November 5, 2018.
  16. ^ Rumney, Emma (December 10, 2017). "Britain's smaller banks jostle for business banking grants". Reuters. Retrieved November 5, 2018.
  17. ^ Key, Alys (March 29, 2018). "Challenger bank Starling launches business accounts as it eyes £120m RBS competition pot". City A.M. Archived from the original on March 31, 2018.
  18. ^ Withers, Iain (October 4, 2017). "Starling takes on the big banks with business lending play". The Telegraph. Retrieved November 5, 2018.
  19. ^ a b Field, Matthew (November 14, 2018). "Digital bank Starling heads to the high street following Post Office deal". The Telegraph. Retrieved November 25, 2018.
  20. ^ Sawyer, Julian. "Case study - Starling Bank" (PDF). Allpay. Retrieved November 5, 2018.
  21. ^ "Our Members". LINK. Retrieved November 15, 2018.
  22. ^ a b "FAQ - Starling Bank". Starling Bank. Retrieved November 11, 2018.
  23. ^ "Introducing our new card - Starling Bank". Starling Bank. Retrieved 2018-11-11.
  24. ^ "App Store Preview - Starling Bank". iTunes App Store. Retrieved November 5, 2018.
  25. ^ "Starling Bank". Google Play Store. Retrieved November 5, 2018.
  26. ^ Fingas, Roger (July 18, 2017). "UK's mobile-only Starling Bank adds Apple Pay support". Apple Insider. Retrieved November 5, 2018.