Starling Bank has announced that the bank would soon open its business accounts for limited companies with multiple directors.
The bank opened the accounts up to sole traders earlier this year.
At the MoneyLive Lending 2018 event in London, Megan Caywood, chief platform officer at Starling Bank (pictured above), said: “We started with a retail current account and then we launched business accounts, first for limited companies with a single director and now for sole traders as well, and soon for multi-director limited companies.
“Very much focusing on the SME space of one to 10 employees.”
Megan explained that it was also building out its marketplace.
“Within lending, particularly on the SME side, there’s a whole host of different products that our customers might need, from invoice financing to term lending to flexible credit facilities.
“For that we’re integrating a number of different partners to fulfil customer’s needs.”
She also announced that the bank would offer its own products to compete in the marketplace with those from other companies.
“We’re very happy to see fintechs as collaborators as well as competition and to compete against those various offerings inside the Starling app,” she added.
“That’s something we’re currently working on that will be coming later this year.”
With regards to Starling’s plans for global expansion, Megan confirmed which countries the bank was looking to move its product into next.
“The first thing that we’re looking at is expanding into areas in the EU that are a stronghold of UK expats, where we can offer our product…
“We obviously want to be in the US as well.”
She also addressed a question about the specialist bank potentially expanding into Asia.
“We want to be a global bank and we want to eventually expand there, but not currently, we’re first looking at [the] EU and the US.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
OakNorth adds former PRA director to advisory board
OakNorth has appointed Martin Stewart as an independent adviser on its advisory board...
HM Treasury to discuss diversity at FP Show
Representatives from HM Treasury’s Women in Finance Charter team will take part in a panel discussion on the role of diversity targets at the Finance Professional Show...
Aldermore agrees over £200m of new invoice finance facilities
Aldermore has announced that it has delivered over £200m of new invoice finance facilities to UK SMEs in the last 12 months...
CYBG completes acquisition of Virgin Money
CYBG has completed its acquisition of Virgin Money...
Penta raises €7m in latest investment round
Business bank account Penta has announced that it has raised €7m for its Series A investment round...
STB Commercial Finance opens Leeds office
Secure Trust Bank (STB) Commercial Finance has opened a new office in Leeds as it continues its national expansion...
Starling expands payment services and banking-as-a-service offer
Starling Bank is expanding its banking-as-a-service and payment services offer to enable other companies to offer retail banking and make payments...
Tandem launches Journey Card
Digital bank Tandem has launched a new credit card to help users who don’t have a credit history to build a strong profile...
Starling set to launch business accounts for multi-director limited companies
Starling Bank has announced that the bank would soon open its business accounts for limited companies with multiple directors...
Aldermore increases rates on business savings products
Aldermore has increased rates across its fixed rate and customised fixed rate (CFRA) business savings accounts...
Teachers Building Society amends lending criteria
Teachers Building Society has updated and amended its lending criteria to provide intermediaries with a detailed overview of its requirements for both teacher and non-teacher applicants...