The licence comes with unspecified “restrictions” from the Prudential Regulation Authority and the Financial Conduct Authority, according to the bank.
Starling has also unveiled its new brand identity, launched its new website, and says it will join Faster Payments, the UK’s 24/7 real-time payment service, later in 2016.
Bank’s representatives have announced that in 2016 the bank has been focused on building their products and technology from the ground up. Also they are confident that the number of UK mobile banking users will double by 2020 and therefore the banks aims to empower these people to better manage their finances with an app.
The bank was also part of the challenger crowd that turned its attention to artificial intelligence (AI) – in a quest to provide a more personalised approach to banking.
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