Starling Bank () is a digital, mobile-only challenger bank based in the United Kingdom, operating Current Accounts, Business Accounts, and a Payments Services scheme for merchants.
Headquartered in London, Starling Bank is a fully licensed and regulated bank, founded by former Allied Irish Banks COO, Anne Boden, in January 2014. Since its founding, it has received significant funding, including $70 m of investment in early 2016.
Starling received its banking licence from the Financial Conduct Authority in July 2016.
Starling currently offers a personal current account and business account with eligible deposits up to £85,000 protected by the FSCS..
Starling Bank is a member of Apple Pay, Google Pay, and Fitbit Pay.
Video Starling Bank
History
Anne Boden, founder and CEO of Starling Bank, 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..
After the financial crisis of 2007-2008, Anne 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.
Starling Bank announced its Beta and partnership with TransferWise in March 2017. The Starling Bank Developer Platform went live in April 2017.
Starling launches Payment Services, offering real-time access Faster Payments (announced in the Financial Times).
In June 2017, at the FinTech Conference 'Money20/20', Starling announced its entry in the Republic of Ireland.
In March 2018, Starling launched Business Accounts, providing the first digital-only business bank account in the UK. Anne Boden announced in December 2017 that the bank intended to apply for the RBS Remedies Fund.
Unlike other FinTech businesses, Starling intends to become profitable in the medium term.
Maps Starling Bank
Issued Cards
Starling Bank offers a Contactless Debit MasterCard, manufactured by AllPay. As of December 2017, Starling are not yet part of the LINK network, however they can be used at any MasterCard compliant ATM.
Mobile app
Starling Bank has built and released mobile apps for both iOS and Android 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 and Fitbit Pay. Starling were the first UK bank to have in-app provisioning for Apple Pay.
In addition, Starling has the following features:
- 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.
- 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 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).
Starling has a public community forum on Discourse where users can discuss upcoming features and news related to company and products.
References
Source of the article : Wikipedia
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