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Starling Bank launches accounts for UK SMEs

Starling Bank has announced it will now offer business accounts for SMEs and entrepreneurs in the UK.

The company says businesses will be able to set up an account in 10 minutes using the bank’s mobile app. There are no fees for having an account, making a payment to another bank account, or withdrawing cash.

Anne Boden, CEO and founder of Starling Bank, said: “In a market with almost no meaningful competition, entrepreneurs and small business owners have for too long been marginalised and taken advantage of by big banks. Having spent the past year building an award winning bank and personal current account, today we’re happy to announce that we’re launching a business account which offers all of the same great features and more to small businesses and entrepreneurs.

“Starling’s mobile-only business banking solution is free, uncomplicated and quick, taking the effort out of banking so our customers can spend more time growing their business, and less with their bank,” she added.

Starling Bank is the first fully licensed mobile-only bank to launch such accounts, enabling users to managed them from their phone.

The app also offers some money-managing features, such as a monthly categorised breakdown of transactions, and setting aside cash for purposes such as tax using the ‘Goals’ feature.

The system also works off notifications; pinging users when money arrives in their account.

The FinTech company will be launching new features to cater for more complex businesses throughout the year, including being able to make cash deposits at the Post Office.

The app, which was launched in May 2017, is available on Android and iOS, and works with Faster Payments, SEPA, Bacs, and MasterCard.

Today’s news comes after the company announced its expansion into Ireland and follows on from its partnership with Yoyo Wallet which enables users to collect digital loyalty points.

Founded in January 2014, Starling Bank has so far raised $70m and is part of a new wave of FinTech companies seeking to challenge incumbent banks. Other companies in the space include Monzo, Atom Bank, Tandem, Tide and Monese.