Starling to sell “banking as a service” platform in Europe

Alex Sword

Alex Sword

Editor

The Financial Services Forum

Starling Bank plans to make its technology platform available in the EU, allowing prospective banks there to launch their own offerings.

The “banking as a service” offering, first launched in the UK in 2018, allows businesses to launch current or savings accounts, with the technical aspects handled behind the scenes by Starling.

CEO Anne Boden said: “The thriving technology and fintech scene in European markets makes them a great fit for the culture of innovation at Starling, and therefore a natural space for us to offer and develop our solutions in Europe.

“We have seen a consistent and growing demand for digital financial services, further accelerated by extended lockdowns and a shift in consumer behaviours in key European markets, and it is clear that Starling can power new and exciting opportunities for businesses across Europe.”

Starling was founded in 2014 and now has over 2 million users, less than the 16 million and 4 million of Revolut and Monzo respectively. However, CEO Anne Boden has said that the deposits of its customers tend to be much larger.

The company faces a new rival from Chase, which launched last week.

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