Starling Bank is set to launch a US subsidiary aimed at providing its technology infrastructure platform, Engine, to mid-tier banks, community banks, and credit unions across North America.
Engine by Starling Services US, established in Delaware, is currently in the process of assembling a team and searching for a regional headquarters on the East Coast. The new office will employ a combination of local talent, led by a president, alongside specialists from Engine’s UK team.
“This marks a pivotal moment as we expand the technology that has driven Starling’s success in the UK to a wider array of financial institutions globally,” stated Raman Bhatia, Group Chief Executive of Starling Bank. “Engine represents a top-tier SaaS business that equips banks with the necessary technology and expertise to thrive in the digital landscape.”
Notably, Salt Bank, Romania’s first digital bank, has successfully acquired 500,000 customers in just one year since being the first to launch on Engine by Starling’s core banking platform. Similarly, AMP in Australia is set to unveil a new digital bank tailored for small businesses, leveraging Engine’s core banking capabilities, with a launch date slated for February 2025.
Chrysalis, a venture capital firm, anticipates that Starling could attain a valuation of £10 billion at its initial public offering, depending on the success of its SaaS platform, which is projected to generate substantial revenue for the UK-based digital bank.
Sam Everington, CEO of Engine by Starling, commented on the US expansion: “We are engaging in promising discussions with several potential partners in North America, as Engine addresses significant challenges faced by banks and credit unions in the region. Our platform offers a unique capability to streamline technology stacks, enhance efficiency, and foster innovation through a single managed service. This proposition is specifically crafted to deliver digital solutions swiftly and with exceptional quality.”