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Home»Finance»Starling says no plans to pursue EU bank license, focus on Engine
Finance

Starling says no plans to pursue EU bank license, focus on Engine

June 5, 2024No Comments2 Mins Read
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Starling says no plans to pursue EU bank license, focus on Engine
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Raman Bhatia, incoming chief govt officer of Starling. Bhatia moved over from OVO Vitality Ltd., the place he was CEO. 

Zed Jameson | Bloomberg | Getty Pictures

AMSTERDAM — Digital financial institution Starling won’t re-apply for a European Union banking license and as a substitute pursue worldwide growth by way of its software program enterprise, the incoming CEO stated, in a diverging method to abroad development from a few of its rivals.

Starling is among the many U.Okay.’s breed of so-called “neobanks” — digital-only banks that often haven’t any branches. It began life in 2014, has racked up 4 million clients and was final formally valued at £2.5 billion ($3.2 billion).

The digital financial institution, which is backed by Goldman Sachs, has conventional supplied banking providers, like present accounts and extra lately lending. Starling’s clients are primarily within the U.Okay. The corporate sought to increase overseas by making use of for an Irish banking license, which might have given the financial institution entry to the European Union market. Starling withdrew that software in 2022.

Raman Bhatia outlined the corporate’s worldwide growth plans on Wednesday, in his first public remarks since his appointment as CEO in March, taking up from founder Anne Boden.

Bhatia stated that the corporate has no plans to re-apply for the EU banking license to push into new international locations. As an alternative, worldwide growth will probably be pushed by Engine, a software program platform that Starling sells to different firms, to allow them to arrange their very own digital banks.

“I’m very bullish about this method round internationalization of what’s the better of Starling, the proprietary tech versus market by market, idiosyncratic regulatory regime, capital necessities, and constructing belief and model extension, which is unproven for any plan,” Bhatia stated throughout a hearth chat on the Cash 2020 convention moderated by CNBC.

He described alternatives in locations like Thailand and the Center East as “immense.”

Engine is a singular mannequin amongst neobanks, which have tended to pore over consumer-focused apps and providers. Starling is betting it may promote the know-how to different banks.

Salt Financial institution in Romania and AMP in Australia are Starling’s first Engine clients.

Bhatia stated he’d just like the “double down” on the Engine technique and seize market share within the enterprise software program area.

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