A few days back, Starling, the UK digital bank, added Nutmeg to its Marketplace to connect customer banking to investment accounts and pensions.
Integrates iZettle
And now, the London-based Starling added PayPal’s iZettle to its Business Marketplace to provide business owners with in-depth transaction information. It’s worth noting that the Starling Marketplace offers customers in-app access to third-party financial services.
Anne Boden, founder and CEO of Starling Bank, said: “This integration will help Starling’s SME customers see granular information on their payouts from iZettle as well as offering them an easier way to manage their transaction data for bookkeeping purposes, saving them time and effort.”
How does this integration benefit Starling?
This integration will give SMEs detailed information about sales, fees, tips, and taxes. For Starling Business Toolkit customers, there are also accounting features available. Further, Starling customers who accept payments with iZettle and activate the new feature will be able to view details of incoming deposits in their banking app.
Notably, the payment service provider will also provide customers the ability to monitor how many sales they’ve made over the last seven days using iZettle. There are no monthly fees on Starling business and sole trader accounts.
First bank to offer in-depth integration
For customers who subscribe to Starling’s Business Toolkit for £7 per month will get an option to record iZettle transactional data for bookkeeping purposes. Starling has a 4.4% share of the UK SME banking market. It is also the first UK bank to offer sole traders and business customers such an in-depth integration with iZettle.
Jacob de Geer, Vice President of Small Business Products and iZettle, PayPal, adds: “It’s fantastic to support new and existing small business owners through our integration with Starling Bank. Together, we can help merchants across the UK access critical sales data and analytics in one place so they can make important decisions that allow them to sell smarter and grow their business.”
First bank to break even
Founded by Anne Boden, Starling became the first of the new breed of digital banks to break even. With nearly 1.8 million accounts, £4 billion in deposits, and £1.5 billion of lending, Starling expects to be profitable monthly going forward as it continues to grow and gears up to scale across Europe.
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