Starling’s BaaS solution enables businesses, including retailers, brands and fintechs to build and scale their own customised financial products
Starling to introduce BaaS solution in EU. (Credit: Starling Bank.)
UK-based digital bank Starling is set to introduce its Banking as a Service (BaaS) solution offering in the EU, including France, Germany, The Netherlands and Spain.
It intends to expand the offering in Europe, which is also called ‘Starling as a Service’ by the first half of 2022, subject to regulatory approval.
Starling offers B2B banking and payments services through its BaaS model based on its advanced banking technology platform.
Its BaaS solution is said to help businesses, including retailers, brands and fintechs to build and scale their own customised financial products.
The solution allows clients to select different components or product features from Starling, based on their requirements, despite being a regulated entity.
The bank said that it will tackle the technical and regulatory demands, and enable businesses to serve their customers with advanced embedded banking solutions.
Starling CEO Anne Boden said: “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.”
In August 2018, Starling has initially launched its BaaS service in the UK, where 25 payment and banking services customers have already been using it.
Its customers include financial services firm Raisin, cross-border payments platform CurrencyCloud, Moneybox app, and fund management system Vitesse.
In October 2018, the company expanded its service offering to include white-label banking services, enabling organisations to offer retail banking and make payments.
The expansion creates competition in a market that has been dominated by the four banks, Barclays, HSBC, Lloyds Banking Group and RBS, since the 1960s, said Starling.