The digital bank is targeting 25 marketplace partners by the end of the year.
Another fintech has popped up in the Starling Bank marketplace.
Starling’s marketplace now features integrations with pension provider PensionBee, digital investment hubs Wealthsimple and Wealthify, mortgage broker Habito, travel insurance provider Kasko, life insurance provider Anorak and receipts and loyalty platform Flux. By the end of 2018, the digital bank plans to have integrated with no less than 25 marketplace partners.
Others digital banks have been slower to roll out integrations, although the cross-selling model is prevalent across the sector.
Starling’s latest partner so-sure is a start-up in the mobile insurance space. It offers rapid insurance solutions and declines less than 4 per cent of claims, a number it says is far lower than can be found in the traditional insurance industry. Starling customers will now be able to access so-sure from within the banking app.
So-sure also offers what it calls ‘social insurance’ – allowing customers to connect their policies with friends and family members who also hold a policies with the company. So long as no one within such a network makes a claim, customers will get up to 80 per cent of their premium back at the end of the policy year.
So-sure offers a simple policy, covering customers against loss, theft, accidental damage, out of warranty breakdown and more.
“Through our Marketplace, we want to enable our customers to manage their whole financial life in one place. As a mobile only bank, we understand the need for affordable mobile phone insurance, so partnering with so-sure was a natural fit. so-sure share our ethos of putting the customer first and are another example of our commitment to partnering with disruptors that are working to improve customers lives through intuitive products and fair and transparent pricing,” said Starling’s chief platform officer Megan Caywood.
Mobile phone cover was one of Revolut’s first marketplace integrations, launched in September 2017 in partnership with Simplesurance.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.