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- This Week in Fintech
Happy Friday!
Welcome to the seventh instalment of This Week in Fintech. Thanks for subscribing 🙌
The low down ⏱️
AMP is partnering with UK based Starling to build a new bank for SME’s, NRMA partners with Parpera for insurance, NAB launches a virtual corporate card program, Tic:Toc and Super Rewards have rebranded, Shopback comes to the Westpac app, Till Payments changes hands, Revolut launches a HR platform and updates its plan benefits, Wise freezes business client onboarding in the UK and EEA + more.
This week in Australia 🇦🇺
AMP teams up with UK fintech Starling to build a new banking platform for SME’s
AMP announced that it is progressing with the next phase of its Bank strategy with the launch of a new digital bank offer targeting the small business and consumer markets. The solution will be built in FY24 and launch in Q1 2025, operating on a separate technology platform, as a new division to AMP Bank.
AMP is working with Engine, the SaaS subsidiary of Starling Bank, a leading UK digital bank. AMP will leverage Starling’s ‘Engine’ technology platform in building the new AMP digital bank offer, under a Software as a Service agreement.
Targeting sole traders and small businesses with 1-20 employees, the new digital bank division will offer transaction and savings accounts. It will be designed to provide tailored functionality and features to help small business owners manage their finances ‘on-the-go’ from their mobile phones.
Who is Starling Bank?
Starling Bank has captured 9.4 per cent of the UK’s SME business banking market share at May 2023 since launching in app stores in 2018 with an innovative and tailored solution for the small business banking market. Starling is a leading UK digital bank with more than 3.6 million customer accounts in the UK as at 31 March 2023.