Anne Boden, CEO of Starling Bank
The challenger bank has become the UK’s first mobile-only bank to launch business bank accounts for entrepreneurs and small businesses.
Starling Bank has become the first fully licensed mobile-only bank to launch business accounts for small businesses and entrepreneurs in the UK.
The bank’s app is simple to use and allows small business owners to open an account in less than 10 minutes, direct from their smart phone.
There are no fees for having an account, no fees for making a payment to another bank account, and no fees for withdrawing cash.
Starling business customers will be able to manage their business bank account entirely from the mobile.
Starling customers will be able to make payments to suppliers from the app (including international payments), see monthly categorised breakdown of transactions and export transactions directly to their accounting software.
They’ll also be able to set aside money for purposes such as tax using the Goals feature, and they’ll also receive an instant notification any time they receive money into their account.
Starling also plans to launch new features to cater for more complex businesses throughout the year, including being able to make cash deposits at the Post Office.
Chief executive Anne Boden 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.”
Ollie Cornes, director of Juicy Software Ltd and an early adopter of Starling’s business account, added: “I'm a freelance Android mobile app software developer and I expect my business bank to deliver a great mobile app banking experience.
“Starling Bank's business account took a matter of minutes to set up on my smartphone, and with no need to visit a bank branch or fill out any forms.
“When customers pay my company for work, or suppliers take payment, I get a notification on my phone instantly from the Starling Bank app to let me know.
“It's impressive and delightful, and puts them streets ahead of the big banks. Starling Bank's real-time, phone-based business banking is the future!”