Nobody starts a new bank from scratch. Anne Boden did. After a distinguished 30-year career in traditional banking, including as chief operating officer of Allied Irish Banks, she set out to build her own mobile-only bank from scratch in 2014 and raised $70 million of funding. She is determined that Starling Bank, a London-based tech startup with a British banking licence, will help change the face of the industry by putting customers back in control of their finances. Starling offers personal and business current accounts, available via its app and built on its proprietary technology. The Starling Marketplace allows customers to access to a wide range of complementary financial products through its app. Starling also has a B2B payments services offering. Starling was voted Best British Bank in 2018. Prior to Starling, she was Chief Operating Officer of Allied Irish Banks Plc and Head of EMEA, Global Transaction Banking across 34 countries for RBS and ABN AMRO. She has more than 30 years experience in banking, having begun her career at Lloyds Bank, before moving on to Standard Chartered Bank and then UBS in Zurich. She was recently recognised as one of the Global Power Women in FinTech. She holds a BSc in Computer Science and Chemistry, an MBA and is a Fellow of the Chartered Institute of IT.
Starling Bank is four-times larger than it expected to be at this point in its business plan. It already boasts 10 marketplace partners, and can offer them a robust source of new customers, all of whom have already been subject to KYC and AML checks.
Starling is making a major play for rewards from the £775m RBS Remedies Fund.
Anne said that the bigger banks are copying everything fintechs are doing but are spending far more money and time on digitisation than they need to be. A better alternative, she says, would be to pay firm's like Starling for banking-as-a-service products.
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