The British challenger bank Starling has been planning to move to mainland Europe for three years, now the time has come.
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Almost three years ago, the Starling founder and CEO Anne Boden said after a financing round that the 35 million euros would help accelerate “global expansion, starting in Europe”.
Starling has offered banking-as-a-service in the UK since 2018, but the expansion to France, Germany, The Netherlands and Spain means a new milestone for the company.
“Starling as a Service” will allow companies or businesses to create savings or current accounts, integrated digital wallets, kids’ cards, debit cards and other financial products on Starling’s platform.
Starling’s application programming interfaces (APIs) will provide access to customers to all services without all the tech investment.
Regulatory approval will also be unnecessary because the service will be operated using Starling’s banking licence.
“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,” said Starling Chief Executive Anne Boden in the company announcement.
“We have seen a consistent and growing demand for digital financial services, further accelerated by extended lockdowns and a shift in consumer behaviors in key European markets, and it is clear that Starling can power new and exciting opportunities for businesses across Europe,” she said.