iZettle joins Starling Bank’s Business Marketplace

It is the first payment service provider to join the Starling Starling Bank Business Marketplace and will give the digital bank's SME customers detailed information about sales, fees, tips and taxes

PayPal’s iZettle is the latest addition to Starling Bank’s Business Marketplace.

Swedish mobile payments company iZettle, which joined PayPal for $2.2 billion in 2018, will provide Starling Bank business customers with in-depth transaction information.

It is the first payment service provider to join the Starling Starling Bank Business Marketplace and will give the digital bank’s small and medium-sized enterprise (SME) customers detailed information about sales, fees, tips and taxes.

Starling Bank’s Business Toolkit customers will also gain access to accounting features.

iZettle’s arrival in the Business Marketplace follows Starling Bank’s strategy to offer deeper integrations and paid-for features to this set of customers.

Starling Bank says it holds a 4.4% share of the UK SME banking market and is the first UK bank to offer sole traders and business customers such an in-depth integration with iZettle.

Participating customers will be able to view details of incoming deposits in their banking app. They will also be able to monitor how many sales they have made over the last seven days using iZettle.

Starling Bank changes no monthly fees on business and sole trader accounts, but a subscription to its Business Toolkit, a suite of third-party services designed to simplify business administration, costs £7 per month.

iZettle is the latest addition to Starling Bank’s in-app Business Marketplace, which offers customers 30 services. Other existing providers include online accounting software from Xero and QuickBooks, flexible insurance from SuperScript, and project management from UnderPinned.

Jacob de Geer, vice president of small business products and iZettle at PayPal, says: “It’s fantastic to support new and existing small business owners through our integration with Starling Bank. Together, we can help merchants across the UK access critical sales data and analytics in one place so they can make important decisions that allow them to sell smarter and grow their business.”

Anne Boden, founder and chief executive officer of Starling Bank, adds: “This integration will help Starling’s SME customers see granular information on their payouts from iZettle as well as offering them an easier way to manage their transaction data for bookkeeping purposes, saving them time and effort.”

Starling Bank is now breaking even after reporting a trading update for the three months up to 31 October.

The digital bank has nearly 1.8 million accounts, approximately £4 billion in deposits and is engaged in some £1.5 billion of lending. It expects to be profitable on a monthly basis going forward as it continues to grow and gears up to scale across Europe.

Image: iZettle

Mark Dugdale