Anne Boden, Starling Bank founder and chief executive: ‘Ultimately, we felt that an Irish subsidiary would not deliver the added value we are seeking’
Starling Bank in talks with Irish staff after banking licence U-turn
The #fintech firm abruptly withdrew its application for a licence from the Central Bank of Ireland last week, four years after beginning the process writes Charlie Taylor Business Post
The British challenger bank founded by Anne Boden, the former chief operating officer at AIB, declined to say how many people it employs locally.
The British challenger bank founded by Anne Boden, the former chief operating officer at AIB, declined to say how many people it employs locally, but said it had a “small team” in Dublin. As of Friday, it was still advertising a number of roles for its Irish operation.
Starling abruptly withdrew its application for a banking licence from the Central Bank of Ireland last week, four years after beginning the process.
A spokeswoman for Starling Bank told the Business Post that its decision not to proceed with the licence, which it is believed was in the process of being granted, “had nothing to do with the regulatory regime in Ireland and was made purely as a commercial decision”.
Starling has said it is now focusing on taking its software to banks around the globe through Engine, its software-as-a-service (SaaS) subsidiary, and by expanding its lending across a range of asset classes, including through targeted M&A activity.
“This was a really tough call to make, particularly as we have had Ireland in our sights for so long. Sometimes changing course is the right option,” Boden said in a statement last week.
“My job as chief executive is to constantly test our thinking against evolving circumstances and to make sure that we are delivering value and maximising potential for growth. Ultimately, we felt that an Irish subsidiary would not deliver the added value we are seeking.”
Starling last Thursday reported its first full year of profitability, swinging to a pre-tax profit of £32.1 million (€37.7 million) for the 12 months ending March 31, 2020, from a £31.5 million loss a year earlier. Revenue rose 93 per cent to £188.1 million over the year as its deposit base grew by 55 per cent to £9 billion.
In April, Starling announced a £130.5 million internal funding round that valued it at £2.5 billion, more than double what it had been worth a year earlier.
https://www.businesspost.ie/tech/starling-in-talks-with-irish-staff-after-banking-licence-u-turn/
The #fintech firm abruptly withdrew its application for a licence from the Central Bank of Ireland last week, four years after beginning the process writes Charlie Taylor Business Post
The British challenger bank founded by Anne Boden, the former chief operating officer at AIB, declined to say how many people it employs locally.
The British challenger bank founded by Anne Boden, the former chief operating officer at AIB, declined to say how many people it employs locally, but said it had a “small team” in Dublin. As of Friday, it was still advertising a number of roles for its Irish operation.
Starling abruptly withdrew its application for a banking licence from the Central Bank of Ireland last week, four years after beginning the process.
A spokeswoman for Starling Bank told the Business Post that its decision not to proceed with the licence, which it is believed was in the process of being granted, “had nothing to do with the regulatory regime in Ireland and was made purely as a commercial decision”.
Starling has said it is now focusing on taking its software to banks around the globe through Engine, its software-as-a-service (SaaS) subsidiary, and by expanding its lending across a range of asset classes, including through targeted M&A activity.
“This was a really tough call to make, particularly as we have had Ireland in our sights for so long. Sometimes changing course is the right option,” Boden said in a statement last week.
“My job as chief executive is to constantly test our thinking against evolving circumstances and to make sure that we are delivering value and maximising potential for growth. Ultimately, we felt that an Irish subsidiary would not deliver the added value we are seeking.”
Starling last Thursday reported its first full year of profitability, swinging to a pre-tax profit of £32.1 million (€37.7 million) for the 12 months ending March 31, 2020, from a £31.5 million loss a year earlier. Revenue rose 93 per cent to £188.1 million over the year as its deposit base grew by 55 per cent to £9 billion.
In April, Starling announced a £130.5 million internal funding round that valued it at £2.5 billion, more than double what it had been worth a year earlier.
https://www.businesspost.ie/tech/starling-in-talks-with-irish-staff-after-banking-licence-u-turn/