Starling Bank has partnered with Yoyo Wallet to allow customers to access retailer-specific loyalty programmes.
As a result of the partnership, Yoyo Wallet will integrate with Starling Bank’s API and enable users to link both their accounts to instantly collect loyalty points.
Commenting on the integration, Anne Boden, CEO of Starling Bank, said: “The past four months have seen us launch our Marketplace and partner with such an array of innovators in FinTech. Our partnership with Yoyo only serves to reinforce our core vision to empower consumers, reward our customers, and reduce the day-to-day burdens of personal finance.
“Together, Starling and Yoyo can demonstrate to the industry the importance of Open Banking that puts customers first. We are excited to be leading the changes in the industry ahead of the incoming regulations in the UK and Europe in 2018.”
The news comes after Starling Bank, founded by Anne Boden, raised $70m in January last year.
Mobile payment and loyalty platform Yoyo Wallet has raised just over $30m from investors across various funding rounds.
Nauta Capital leads retail tech startup’s Mercaux £3.5m Series A
Alain Falys, CEO and co-founder of Yoyo, added: “Open Banking will see the consumer banking experience take a massive leap forward in January and Starling and Yoyo are the two FinTech companies leading the way in this new and exciting space – a space that is still largely unexplored for many in our industry.”
“Yoyo has already proven itself to be the fastest and most efficient way for consumers to pay for goods and for retailers to reward and retain their customers. This partnership with Starling marks the start of the next phase in our mission to add even more value to the payments process and attach retailer loyalty to the wider banking experience.”
“Our strength has always laid in attracting early adopters – Starling’s partnership with Yoyo ensures everyone can benefit from a fully combined payment and rewards experience regardless of how they choose to pay,” he concluded.