Mobile-based challenger bank Starling Bank has announced that it has added InsurTech company Digital Risks and the cybersecurity firm CyberSmart to its business marketplace.
Joining the marketplace means the companies can more easily grow their operations by using the tools available on the platforms. It also means that Sterling Bank customers can find the two enterprises by using the digital bank’s app.
For instance, Digital Risks has developed an automated platform where people can buy business insurance. The company raised £2.25m in July 2018. The partnership with Sterling Bank means the bank’s customers can smoothly access Digital Risks’ services and set up their own insurance.
Similarly, customers can access CyberSmart’s digital solutions that can identify cybersecurity risks and recommend how to fix them.
Anne Boden, founder and CEO of Starling Bank, recently announced that the neobank has entered “rocket ship mode,” meaning it is looking to grow to the point where it is breaking even by the end of the year. The bank’s customers now total more than 775,000.
Challenger banks have grown significantly in the last five years. Investment in these companies now makes up for more than a third of the cash injected into WealthTech enterprises, according to FinTech Global research.
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