UK-based Starling Bank has announced supercharging its bank accounts for businesses and sole traders with unsecured loans of up to GBP 250K.

This adds to an increase in its overdraft limits from GBP 10K to GBP 150K, more competitive overdraft rates and a custom-built tax and financial management Toolkit. As part of the changes, Starling is launching its first paid for features for businesses, providing access to a powerful new Business Toolkit, costing GBP 7 per month for sole traders and GBP 12 per month for limited companies.

Starling’s accounts for limited businesses and sole traders, will remain free. But business owners will be able to opt for a paid-for Business Toolkit account that includes powerful new tools to track invoices, monitor cash-flow, keep track of how much tax and VAT they owe, submit VAT returns through HMRC Making Tax Digital-compliant software and more.

Starling is a fintech business with a banking licence, fully regulated by the FCA and PRA. It is directly connected to major payment schemes, including Faster Payments, SEPA, Bacs and Mastercard.