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Starling Bank

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Starling Bank Ltd
Starling Bank
Company typePrivate
IndustryFinancial services
Founded2014; 10 years ago (2014)
FounderAnne Boden Edit this on Wikidata
Headquarters2 Finsbury Avenue,
London,
United Kingdom,
EC2M 2PF
Key people
Anne Boden, CEO
Julian Sawyer, COO
John Mountain, CIO
Megan Caywood, CPO
Tony Ellingham, CFO
ProductsBanking
Number of employees
3,500 (2024) Edit this on Wikidata
Websitewww.starlingbank.com

Starling Bank (/ˈstɑːrlɪŋˈbæŋk/) is a digital, mobile-only challenger bank based in the United Kingdom[1], operating Current Accounts[2], Business Accounts[3], and a Payments Services scheme for merchants[4].

Headquartered in London, Starling Bank is a fully 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 m of investment in early 2016.[6]

Starling received its banking licence from the Financial Conduct Authority[7][8] in July 2016.

Starling currently offers a personal current account and business account with eligible deposits up to £85,000 protected by the FSCS.[9].

Starling Bank is a member of Apple Pay, Google Pay, Samsung Pay, Garmin Pay and Fitbit Pay[10].

History

Anne Boden, founder and CEO of Starling Bank[11], started Starling after a 33-year career in finance, previously holding positions as COO for Allied Irish Banks, Head of EMEA (Global Transaction Banking) for RBS, Executive Vice President for ABN AMRO, and Vice President for UBS.[12][13].

After the financial crisis of 2007–2008, Boden came to the conclusion that banking was fundamentally broken, and decided she wanted to start her own bank. She commenced work in 2014 on building Starling from scratch. Starling announced the largest FinTech funding round of 2016 - £48m.[14]

Starling Bank announced its Beta[15] and partnership with TransferWise[16] in March 2017.[17] The Starling Bank Developer Platform went live in April 2017.[18]

Starling launches Payment Services, offering real-time access Faster Payments (announced in the Financial Times).[19]

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

In March 2018, Starling launched Business Accounts, providing the first digital-only business bank account in the UK.[21][22] Anne Boden announced in December 2017 that the bank intended to apply for the RBS Remedies Fund.[23]

Unlike other FinTech businesses, Starling intends to become profitable in the medium term[24].

Issued Cards

Starling Bank offers a Contactless Debit MasterCard, manufactured by AllPay[25]. As of December 2017, Starling are not yet part of the LINK network[26], however, they can be used at any MasterCard compliant ATM.

Mobile app

Starling Bank has built and released mobile apps for both iOS[27] and Android[28] phones. As you would expect from a bank you have the functionality to set up Direct Debits, standing orders and payments, view latest transactions, earn interest on your balance and connect Apple Pay, Android Pay[29] and Fitbit Pay.[30] Starling were the first UK bank to have in-app provisioning for Apple Pay.[31]

In addition, Starling has the following features:[32][33]

  • Instant notifications of transactions
  • Transactions are put into relevant categories e.g. eating out, shopping, groceries etc.
  • You can create Goals and put money into separate areas. This will still earn interest.[34]
  • There is in-app chat with the customer service team
  • You can tailor your security settings: lock your card or individually select and prevent ATM withdrawals, online payments and mobile wallet payments
  • If you are eligible for an overdraft you can adjust your limit using a slider in the app.

Within the mobile app Starling is building a Marketplace[35] utilising Open Banking and open APIs to connect with other financial products.

The personal current account currently charges no non-sterling transaction or cash withdrawal fees when you use its debit card worldwide. All non-sterling transactions are charged at the MasterCard exchange rate (which is close to the market exchange spot rate).[36]

References

  1. ^ "The UK's new breed of digital challenger banks". Techworld.
  2. ^ "Starling Bank, a digital-only UK challenger bank, launches beta". Techcrunch.
  3. ^ "Starling Bank moves into business banking". Finextra.
  4. ^ "Starling Bank Augments Payments With Bacs Payment Schemes Limited". Paymentweek.
  5. ^ Matthew Finnegan (4 September 2014). "Former Allied Irish Bank exec to launch branchless 'mobile bank' | IT Vendors". Computerworld UK. Retrieved 28 September 2016.
  6. ^ "Subscribe to read". Financial Times. {{cite web}}: Cite uses generic title (help)
  7. ^ Tim Wallace (14 July 2016). "Mobile-only bank Starling wins its licence". Telegraph.co.uk. Retrieved 28 September 2016.
  8. ^ "Starling Bank secures banking license; to launch in January 2017". Finextra.com. Retrieved 28 September 2016.
  9. ^ "Your Starling Bank money is safe - Money Protection |FSCS". fscs.org.uk. Retrieved 29 January 2018.
  10. ^ https://www.fitbit.com/fitbit-pay
  11. ^ https://techcrunch.com/gallery/a-look-at-42-women-in-tech-who-crushed-it-in-2017/
  12. ^ "'Big banks want to come see us every week': Starling CEO Anne Boden on building a bank from scratch".
  13. ^ "Anne Boden". LinkedIn.
  14. ^ "Startup bank Starling raised £48 million last January — and it took 16 months for £30 million of it to come through".
  15. ^ O'Hear, Steve. "Starling Bank, a digital-only UK challenger bank, launches beta".
  16. ^ Bell, Lee. "TransferWise partners with digital-only Starling Bank".
  17. ^ Munford, Monty (28 March 2017). "Mobile banking is saving us 'billions' in charges" – via www.bbc.co.uk.
  18. ^ "Starling Bank Developer Platform goes live - IBS Intelligence". 10 April 2017.
  19. ^ "Starling Launches Payment Services". www.ft.com. Retrieved 14 May 2017. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  20. ^ O'Hear, Steve. "Starling Bank passports to Europe, first stop Ireland".
  21. ^ http://www.cityam.com/283102/challenger-bank-starling-launches-business-accounts-eyes
  22. ^ https://www.telegraph.co.uk/business/2017/10/04/starling-takes-big-banks-business-lending-play/
  23. ^ https://www.reuters.com/article/us-britain-banks-competition/britains-smaller-banks-jostle-for-business-banking-grants-idUSKBN1E406O
  24. ^ http://www.cityam.com/277325/exclusive-digital-challenger-starling-hit-profit-2019-says
  25. ^ http://allpay-corporate.s3.amazonaws.com/images/starling_bank_case_study_-_sbcs_0011_-_electronic.pdf
  26. ^ https://community.starlingbank.com/t/notemachine-atms-not-accepting-starling/2823/4
  27. ^ "Starling Bank on the App Store". App Store. Retrieved 29 January 2018.
  28. ^ Google Play Store, Bank, Starling (15 January 2018), Starling Bank, Starling Bank, retrieved 29 January 2018
  29. ^ "Android – Android Pay". Android. Retrieved 29 January 2018.
  30. ^ "FitBit Pay: a UK first from Starling Bank". Growth Business. 24 October 2017. Retrieved 29 January 2018.
  31. ^ "UK's mobile-only Starling Bank adds Apple Pay support". AppleInsider. Retrieved 29 January 2018.
  32. ^ Martin. "Bank accounts: £200 switch bonus or 5% interest current account". MoneySavingExpert.com. Retrieved 29 January 2018.
  33. ^ "Challenger and mobile banks - Which?". Which?. Retrieved 29 January 2018.
  34. ^ "What's next for Starling?". Mapa Research. 6 December 2017. Retrieved 29 January 2018.
  35. ^ "Starling Bank puts Open Banking to the test - AltFi News". AltFi. Retrieved 29 January 2018.
  36. ^ S, Helen. "Travel credit cards: the best credit cards to use abroad - MSE". MoneySavingExpert.com. Retrieved 29 January 2018.
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