Starling Bank has launched a drive to sell its Engine software platform to US lenders, targeting mid-tier banks and credit unions with assets between USD 5 billion and USD 50 billion.
The UK-based digital bank aims to sign its first US banking client by early 2026 as it pursues international growth beyond its consumer banking operations.
The company has appointed advisers from Deloitte and PwC to identify potential clients for Engine, which enables lenders to design and develop digital banking capabilities. Sam Everington, Chief Executive of Engine, told the Financial Times the company plans to sell services to multiple institutions across North America, though he declined to name specific targets.
Market positioning and revenue targets
Everington cited market concentration as a key opportunity, noting that established software providers control over 90% of the US banking technology sector. He suggested that many US banks continue to operate on outdated technology infrastructure and rely on workaround solutions such as Cash App and Venmo for payment services.
Engine has set a target of reaching nearly USD 136 million in annual recurring revenue. The software business reported approximately USD 4.6 million in annual recurring revenue and a USD 16.5 million pre-tax loss in the 12 months to March 2025.
The expansion follows Starling's issues in growing its consumer bank internationally, with the company withdrawing from efforts to secure a European banking licence in 2022. The company, which serves nearly five million customers predominantly in the UK, has positioned Engine as an 'asset light' business operating outside regulatory perimeters.
US operations infrastructure
In 2025, Engine established a Delaware subsidiary and appointed Jody Bhagat, a former McKinsey partner, as its US president to oversee a USD 50 million expansion of its New York office. Engine currently serves three banking clients in Canada, Romania, and Australia.
Starling aims to compete against established financial software providers, including Jack Henry, Finastra, Fiserv, and Fidelity National Information Services. The company's chief financial officer, Declan Ferguson, previously indicated interest in acquiring a US bank to secure an American banking licence.
The US market push reflects broader patterns amongst UK-based fintech companies targeting North American expansion as domestic consumer growth rates moderate.
