Starling Bank has confirmed that it is looking to expand into Europe next year.
During H1 2022 and subject to regulatory approval, the digital bank hopes to make its banking-as-a-service (BaaS) solution available in the EU, including France, Germany, the Netherlands and Spain.
Called Starling as a Service, the solution will enable businesses to build their own financial products, such as savings or current accounts, integrated digital wallets, kids’ cards and debit cards, on the digital bank’s platform.
Starling handles the technical and regulatory demands behind the scenes, leaving businesses to take care of their customers with innovative embedded banking solutions.
Anne Boden, chief executive officer of Starling, comments: “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 launched its BaaS offering in the UK in 2018 and already has 25 payment and banking services customers, including Raisin, CurrencyCloud, Moneybox and Vitesse.
Confirmation of the launch of the BaaS offering in Europe follows the digital bank receiving a £50 million investment from Goldman Sachs Growth Equity.
That investment was an extension of its oversubscribed £272 million series D funding round, which valued the digital bank in excess of £1.1 billion pre-money.