Four biggest digital challenger banks have now raised £332m – time for incumbents to be scared? While the disruption of financial services has been going on for a number of years now, the capital banked by four of the most advanced digital challenger banks is hugely significant.
On the subject of Starling for Business, she added: “What’s become apparent is that a hugely underserved group of people exist who need more than a personal current account but aren’t quite a small business. “This is what we are hoping to solve here by developing Starling for Business. Developing the tools and features that work for these entrepreneurially-minded and driven customers has therefore become a key goal for us in the next 12 months.” Starling for Business will reportedly be free to set up and start using. Customer service will be available 24 hours a day and seven days a week, alongside linking with invoicing and accounting services. Sarah Guha, product director at Starling Bank, said: “We are focused on sole traders and small businesses because the banking industry hasn’t offered something tailored for them. “We want to have conversations with our customers and find out what they have, what they need, and what will help them grow their business and navigate their finances. This is an immensely exciting project for us.” After starting life in 2014, Boden described the journey so far as a “long” one. “Building a bank is not for the faint hearted,” she added. Speaking in April before the launch of Starling for Business, when Boden had said there were no plans yet to address that market, she did say: “If I was a business person using a bank the things that really matter to me are understanding cash flow and how much clear balance there is at one moment. SMEs are crying out for innovation and creativity in this space.”
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