Digital bank Starling Bank has opened up its business account by inviting companies with more than one person of significant control (PSCs) to sign up. The multi-PSC account comes 16 months after it launched its mobile business bank account for single-person businesses, which now has almost 60,000 customers.
This news follows the award to Starling in April of a £100m grant from the Capability and Innovation Fund (CIF). Starling is using the grant to build a suite of digital banking products, intelligent forecasting tools, and digitally enabled relationship management functions as well as lending products.
Starling’s business account has no monthly fees, no fees for making a payment to another UK bank account and no fees for withdrawing cash via ATMs. PCSs, who are also directors in the business, will be able to gain full access to the account and development is underway to make it suitable for more complex businesses that require greater control and individual access permissions.
The account will give businesses access to the Starling Marketplace, allowing them to choose from a range of products and services that are integrated with Starling including accounting software integration with accounting services Xero and FreeAgent and insurance services through insurtech firm Zego.