Starling Bank, a UK-based digital banking entity, is vying for the acquisition of a nationally chartered bank as part of US expansion, Bloomberg reported.
The publication further noted that the London-headquartered neobank aims to engage US banking specialists this summer to commence the acquisition process.
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It is focused on identifying potential targets along the East Coast that have roughly $2bn in assets.
Details of the acquisition talks remain confidential, and the spokesperson for Starling Bank did not comment on the matter.
This initiative follows Starling Bank’s step into the US market earlier this year, when it announced the availability of its banking technology stateside and registered a subsidiary in Delaware.
It aims to identify a bank whose digital capabilities are ripe for enhancement through the integration of Starling’s contemporary banking technology platform, the report said.
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By GlobalDataStarling Bank’s move to expand internationally comes after a leadership transition, with Raman Bhatia assuming the role of CEO in the past year, taking over from founder Anne Boden.
The bank has also faced regulatory scrutiny, having been fined £29m for shortcomings in its management of high-risk customers.
Recently, Starling Bank introduced ‘Spending Intelligence’, a new AI-powered chatbot, within its mobile app.
The chatbot, powered by Gemini, Google’s Large Language Model, provides users with insights into their spending habits.
It operates on the Google Cloud Platform, which hosts Starling’s technological infrastructure.
