Starling To Expand Lending Tools And Offer SaaS In 2022 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Starling founder and CEO Anne Boden wrote her annual letter where she announced that the bank is set to introduce a Software as a Service (SaaS) proposition in 2022. The letter read:
“With SaaS (or Starling as a Service, as we like to call it) we will offer our partners the benefit of Starling’s advanced technology to use as their own. If a bank wants a digital bank, they can have one up and running in months with Starling’s SaaS offering. It will be their license, our technology.”
She also wrote that the bank aims to continue expanding its lending services. Boden added:
“Expect a mix of strategic forward flow arrangements, organic lending across various asset classes, and a targeted M&A strategy focusing on selected lending originators.”
The letter also highlighted a growing intention to cater to the people who wish to start a new business, insisting on the role of SaaS, online courses, and other software services to simplify the operation of a company.
Boden offered a general take on diversity and fraud in her letter. She criticized the state of funding female-backed companies as something that is done in stable times as most investors only then may have the necessary appetite to ‘take a chance’ on funding women.
The letter reads:
“They do what is right because they know that people are watching. I suspect during a crisis, in this case, the pandemic. When all eyes are on clear and present dangers, do they expect less scrutiny and stop worrying about who is looking over their shoulder?”
Crucial to the big tech and social media giant firms that support “financial fraudsters to advertise and post content on their platforms that result in every day in people being scammed out of their savings,” Boden expounded on the efforts that Starling has made for economic and financial crime to be featured in the upcoming Online Safety Bill.
She said that Starling has banned all advertising on Facebook (Meta) and Instagram for now. While this letter does not directly address the recent controversy that came up after Boden said that “Open Banking has not been a success” to the Treasury Select Committee in late 2021, it explains the effort that Starling is making to set itself apart from all other competitors:
“As a profitable, fast-growing fintech built on proprietary software and with a substantial loan book, a valuation above £1 billion, and a tightly controlled cost-base, Starling now stands in a category of one.”
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