UK digital bank, Starling Bank, has opened up its business account to hundreds of thousands by making it multi-owner.
More UK small- and medium-sized enterprises with more than one person of significant control (PSCs) have been opened up to the account.
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This move aids in Starling’s effort to challenge the Big Four lenders, which make up 85% of the market.
The new multi-PSC account launched 16 months after it released its mobile business bank account for single-person businesses. It also follows Starling’s £100 million grant from the Capability and Innovation Fund (CIF), which will be used to build digital banking products, intelligent forecasting tools, and digitally-enabled relationship management functions as well as lending products.
PSCs typically own 25% or more shares of a business and/or 25%+ of the voting rights.
Starling’s new account was made for businesses with multiple PSGs who are also directors of the company that need access to the account—for example, husband and wife and civil partnership teams.
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By GlobalDataBusinesses are able to open a Starling multi-owner account within minutes via the app and there are no monthly account fees.
The new account will also give businesses access to the Starling Marketplace, providing their customers with services including accounting software integration with accounting services Xero and FreeAgent and insurance services through insurtech firm Zego.
Founder and CEO of Starling Bank, Anne Boden said: “Opening up our business account to SMEs with more than one PSC will give hundreds of thousands more companies access to our features, meaning they can manage their finances conveniently on their smartphone without having to worry about where their nearest bank branch is and when it will be open.
“With funding from the Capability and Innovation Fund, we are reshaping the SME banking market, using technology to help businesses thrive.
“We have a fantastic entrepreneurial spirit in the UK and Starling wants to give SME business owners the best possible banking services to make their life easier and allow them to focus on what counts.”
