Starling Bank Is Opening A Subsidiary In The US To Offer Its SaaS Platform
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The UK’s Starling Bank has started its expansion to North America by opening a US subsidiary that will allow it to sell its tech infrastructure platform Engine to the local mid-tier banks, credit unions, and community banks.
Registered in Delaware, Engine by Starling Services US has now started building a team, as well as scouting for a regional headquarters. The bank intends to establish itself somewhere on the East Coast, and it said that its office will be staffed by a mix of local hires who will be led by a president, and employees from Engine’s team based in the UK.
The UK team already consists of product specialists who will likely be able to assist American workers in understanding and mastering Engine’s technology.
The bank’s chief executive, Ramen Bhatia, stated that this is a significant step for Starling, as it is bringing the technology that enabled its success in the UK to the United States. The bank is excited to bring its tech to more financial institutions around the world.
Bhatia noted that in England, Starling has a world-class SaaS business that elivers the technology and expertise that banks need in order to succeed in the new digital age.
Engine’s Success Is Capturing A Lot Of Attention Already
It is also worth noting that Romania’s first digital bank, Salt Bank, was launched on Engine using Starling’s core banking platform. It just reached 500,000 customers, only a year after becoming the first new business to go live on Engine, which further confirms how influential and beneficial the platform can be.
Meanwhile, AMP in Australia is another new digital bank which targets small businesses on Engine’s core banking platform, and it launched in February of this year.
Starling’s technology and success allowed it to catch the attention of major investors, such as a VC firm Chrysalsis, which said it expects Starling to reach an evaluation of 10 billion GBP at IPO, depending on how its platform performs. However, if things go well for the bank, the VC company expects that it has the potential to generate hundreds of millions of pounds per year.
