We have an audacious goal here at Starling to transform banking, and in the process to create a Marketplace Platform that enables us to partner with a range of providers to offer a wide set of products and services. Today, we’re excited to share with you that we’ve taken a major step towards making that vision a reality: we’ve just received a letter from the regulator granting us a set of permissions which will enable us to create our Marketplace of financial services within the Starling app!
Over the past year and a half, we’ve built our developer platform and Starling API, making us the first licensed bank in the UK to have the technology to enable customers to securely connect to other financial services apps (you may have heard of this being referred to as “a PSD2-ready API”). Then, to celebrate the launch, we held the UK’s inaugural Open Banking hackathon last April where we invited over 100 people to join us for a weekend hackathon at Google Campus to build on our public API. Since then, we’ve been making cool integrations available for our customers, like the Tail integration (which started at the hackathon!), as well as integrations with Moneybox, Yoyo Wallet and Yolt.
This was just the beginning though. Last June, we unveiled our Marketplace for the first time and then launched an initial version in the Starling app with our first partner, Flux. We launched this as we did not need any permissions for this, and we wanted to get early customer feedback and test the flow with a non-financial product. However, while we were testing the experience with Flux, we simultaneously applied to the PRA and FCA for approval to add financial services products to the Marketplace, so that we could introduce customers to other financial products and services, like an ISA or a mortgage, from within the Starling app.