Starling’s marketplace banking rollout adds pensions, savings, travel insurance and mortgages

Feb 13, 2018 · techcrunch.com

Starlingmarketplace

Starling, the U.K. challenger bank that offers a mobile-only current account, continues to execute on its marketplace banking strategy. Following the required regulatory approval, the Starling Marketplace is adding a number of financial services integrations, spanning pensions, savings, travel insurance and mortgage brokerage.

Specifically, Starling is partnering with PensionBee, Wealthsimple, Kasko, and Habito, respectively. It says it’s targeting 25 partnerships in total in 2018. The challenger bank has already added Flux to its in-app marketplace to offer item-level receipts and loyalty from Flux partner merchants.

The addition of financial services speaks to Starling Bank’s broader "marketplace banking" vision: the idea that your bank will provide you with access to a choice of third-party money-related apps and services. It’s also more evidence that the battle between banks and fintechs isn’t a zero sum game. Partnerships are being forged at a rapid pace, either formally or simply through open APIs mandated by Open Banking/PSD2 legislation.

In fact, at a recent event I hosted, Starling’s Chief Platorm Officer Megan Caywood also made the point that the challenger banks and wider fintech startup ecosystem are in many ways on the same side. Fintechs run on existing banking rails and whose better banking rails to run on than the forward-thinking and API-friendly challenger banks, rather than incumbents.

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