Challenger bank granted licence

Challenger bank granted licence

Starling Bank has been granted a UK banking licence with restrictions from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

The mobile bank will launch by January 2017 and is the latest in the next generation of banks which look to disrupt the traditional banking model and streamline the way consumers manage their money.

Starling Bank plans to use data-led insights to give customers a clear picture of their entire financial situation as well as giving them information about their spending habits and allowing a new level of control over saving.

“We are delighted to have the confidence and support of the regulator to move forward and introduce a new style of banking,” said Anne Boden, CEO of Starling Bank.

“For the past year, our team has been focused on building our product and technology from the ground up. 

“By 2020, the number of UK mobile banking users will double from 17.8 million to 32.6 million and our aim is to empower these people to better manage their finances with an incredible app, purpose-built for those who happily manage their lives on their phone.”

The bank also announced it would be joining Faster Payments, the UK’s 24/7 real-time payment service.

“Starling Bank is on track to be the first next-generation bank to connect directly to the Faster Payments system,” Anne added. 

“This will allow us to offer the best possible payments experience to our customers and partners.”

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