Starling Bank has revealed its first two partnerships for Engine by Starling, its SaaS subsidiary launched in 2022. Engine’s goal is to bring its modern banking platform to banks around the world.
Firstly, Salt Bank, Romania’s first digitally-native bank, has selected Engine by Starling to power its new retail bank -subject to approval by the local regulator (National Bank of Romania).
While Australia’s AMP Bank has also plumped for Engine by Starling to launch a new digital bank division, targeting the small business and consumer markets. It plans to launch the solution in Q1 2025, aiming to provide small business owners with transaction and savings accounts to enable on-the-go financial management.
Sam Everington, CEO of Engine by Starling said: “Starling was set up to change the UK’s banking sector for good. With Engine, we are taking Starling’s tech stack, built entirely in-house, beyond the UK market to help disrupt financial services on a global scale.
“With Engine, our goal is to bring our modern banking platform to financial services firms around the world. Our first client, Salt Bank, shares our vision for better banking. Together we plan to create the best user experiences for customers in Romania – just like Starling has done in the UK.
“There are clear parallels between the banking markets in Australia and the UK, and we look forward to leveraging Engine’s expertise and technology for AMP customers.”
Salt Bank, previously known as Idea Bank, is based in Bucharest and is also a subsidiary of Banca Transilvania Financial Group, the largest bank in Southeastern Europe. Engine’s proprietary, cloud-based banking platform will enable Salt Bank to serve the Romanian market with a wide-range range of digital banking services.
Using Engine’s SaaS capabilities, the partnership will give Salt Bank the ability to onboard customers digitally, manage accounts and provide savings products, process payments and card transactions as well as manage and grow a portfolio of unsecured lending products. It can also manage operations via Engine’s proprietary operational portal, including functionality to support customer services, financial crime monitoring and prevention, payment operations, card operations, loan servicing and collections.
Gabriela Nistor, CEO of Salt Bank, said: “We have strong ambitions to disrupt the banking market in Romania by offering customers simple and seamless digital experiences. Engine provides a best-in-class platform that will fit into our digital strategy. We were impressed by Engine’s success with Starling Bank in the UK, which has 3.6 million customer accounts and regularly tops the tables for providing the best customer experience.”
AMP is also leveraging Starling’s ‘Engine’ technology platform in building a new AMP digital bank offer, under a software-as-a-service agreement. Targeting sole traders and small businesses with one to 20 employees, the new digital bank division will offer transaction and savings accounts.
“This new offer builds on AMP Bank’s strengths and addresses an under-served and growing segment of the market,” Alexis George, AMP chief executive, also commented. “Importantly, it will reshape the bank portfolio in the medium term to better position AMP for the headwinds the industry is facing when it comes to bank funding.
“In Engine by Starling, we have chosen a partner with a track record of success and will leverage their innovative technology platform, their highly successful go-to-market expertise and ways of working. By partnering with one of the most innovative and fastest growing digital banks we will be able to better serve Australia’s growing number of small businesses, and individuals, with their banking needs.”