Starling Bank has secured regulatory approvals from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to offer customers full gamut of financial products via its app.
The mobile only bank, which received a licence to operate as a bank by the Bank of England (BoE) in 2016, is the first UK challenger banks to be granted such approval in an online marketplace.
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The digital only challenger bank will now offer mortgages, consumer loans, ISAs, and other investment products via its App.
Additionally, the bank will partner with other financial service providers to facilitate choice and access through its digital bank.
Starling Bank CEO Anne Boden said: “This is a significant milestone in Starling’s strategy to develop a market leading current account and debit card with a Marketplace “app store” that enables our customers to view and select other financial services solutions provided by selected third parties.
“I founded Starling to empower consumers to take control of their financial life, and this licence will allow us to provide customers with easy access to products offered by other financial services companies from within the Starling app.
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By GlobalData“This gives customers transparency and choice – something which the big banks have kept from them for too long – and having an open API enables us to accommodate a huge diversity of customer requirements through a selection of financial services providers. Following today’s regulatory approval we will soon be introducing new financial service providers to our customers.”
