The Starling Bank Marketplace is set to soon be joined by the first set of fintech startups as the challenger bank looks to provide contemporary and secure banking options.
Among the raft of new fintechs are organisations offering investment and mortgage solutions as well as those for pensions and insurance, providing customers with innovative approaches to a full spectrum of complex areas.
Confirmed entrants include Wealthsimple for financial advice, Kasko for travel insurance, Habito for mortgage broking services, and last but not least, PensionBee.
Megan Caywood, chief platform officer, Starling Bank, said: “We are building a banking experience fit for the 21st Century, where the best financial products are available securely in one place,” she says. “Last year, we launched our full set of Open APIs, and enabled integrations with companies like Moneybox, Yoyo Wallet, Yolt, Tail, and Flux. Now we’re excited to take that to the next level by integrating financial services providers into the Starling Marketplace.”
Fintech companies are set to gain a great deal of traction this year, with the PSD2 and Open Banking directives making it easier for consumers in Europe and the UK to leverage the services of smaller innovators entering the space.
Toby Triebel, CEO Europe, Wealthsimple: “We want to enable people to live their best financial lives, and joining Starling’s Marketplace is about making access to transparent financial service products available to everyone. To make that a reality, we’re excited to be featured alongside other companies working towards this goal, and offer our easy, low-cost investing services to Starling customers. Wealthsimple combines human advice and technology to make investing simple and accessible.”
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Banks are increasingly having to look toward working with their more nimble fintech opponents to keep up, with consumers set to harness the full benefits of the disruptive options put on offer by emerging fintech startups.
Clare Reilly, head of corporate development, PensionBee, says: “For the first time ever in the UK, customers can see their real-time pension balance, alongside their real-time current account balance. That’s real-time customer empowerment, and a big step towards linking the small financial decisions you make daily, to the retirement income you will have tomorrow – all in one place.”