Starling Bank onboarding first European customers after gaining Banking Passport into Ireland
London, June 2017
Starling Bank, the London-based fintech bank that helps customers develop a better relationship with their money, has received its banking passport into Ireland and is expanding into the Republic of Ireland.
The bank has launched the UK’s first new mobile-only current account and is now using its banking passport to bring its services to new customers in Ireland. This is the first step in its plans to provide services to European markets.
Using the cross-border passport to extend into Ireland brings Starling Bank closer to fulfilling its aim of providing everyone in the world with the opportunity for a healthy financial life.
Anne Boden, CEO and founder of Starling Bank said:
“The aim of Starling was always to ensure that the whole world could benefit from the opportunity of a healthy financial life. Being granted our passport into The Republic of Ireland is an exciting next phase in our journey. It not only means we can move into Ireland, but that we can start providing that much needed step change in banking globally - so everyone can benefit from a more positive relationship with their money.”
Available via an app for Android and iOS, the Starling account can be set up within two minutes of downloading the app with a valid photo ID. It provides everything a traditional current account can and more – including no fees when travelling abroad, spending insights to track where your money is flowing, in-app card control functions, and a pre-approved overdraft for qualifying customers that can be controlled by customers within an agreed limit to help with budgeting.
Irish customers will also have access to the recently launched Starling Marketplace. Allowing the bank to partner with and offer customer’s frictionless access to a range of financial products to help with their day-to-day money needs. In the future, Starling’s Marketplace could also extend to include integrations with lifestyle, retail and wellness products.
The passport authorises Starling to provide its mobile-only current account products in Ireland. The bank is able to apply for similar passports for each of the European Economic Area’s 27 member states and continue to roll out across Europe.
The banking passport is widely used by financial firms (not just banks) in the EU. It is also used by companies from outside the European Economic Area, such as Switzerland and the US.