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Starling Bank launches fintech marketplace




By Harry Holmes on 12th September 2017


Mobile-only bank Starling has launched a marketplace for financial products.  

 

The newly launched Starling Marketplace, available through the app, will enable customers to browse products from other fintech providers with plans to expand into additional lifestyle products.

 

The firm is pioneering the use of open data having become the first UK licensed bank to launch an open API in March. Providing third parties with access to customer information and the ability to develop software on their platform, this was widely seen as a precursor to its marketplace launch.

 

With PSD2 due to launch in January 2018, open APIs will become a regulatory requirement across the financial sector. This is likely to boost collaboration among fintech companies with digital marketplaces widely utilised to promote alternative fintech products to customers.

 

The online marketplace model is an increasingly common among digital banks with both Revolut and Monzo working to build versions of their own. Having partnered with the peer-to-peer platform Lending Works, Revolut has moved first, enabling customers to apply for a loan via the app.

 

For Starling Bank, the online marketplace is a realisation of their core ambition, according to Megan Caywood, Chief Platform Officer.

 

“Starling is built on the belief that customers should have ownership over their data. The Starling Marketplace is central to turning this belief into something tangible, allowing third party developers access to our APIs to build a range of apps and integrations with the goal of helping people manage their money more efficiently.”

 

Shoppers will be the first to benefit from Starling’s marketplace with Flux, a rewards and receipts platform, becoming the first integrated partner. Flux will enable Starling customers to receive automated loyalty points, removing the need to hold onto paper loyalty cards or receipts.

 

Starling is also partnered with TransferWise, Moneybox, Tail and Houndify, which are expected to be seen on the marketplace soon.

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