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Bank deal due

RBS poised for digital tie-up with Starling

Anne Boden, Starling Bank

Anne Boden: contract signed


 

Royal Bank of Scotland is believed to be working in partnership with new operator Starling Bank to create its new digital platform.

The proposed tie-up with RBS emerged from a letter to Starling shareholders from its chief executive Anne Boden stating that the bank has “signed a contract to provide payment services to support new initiative at RBS/NatWest”.

The tie-up could be confirmed this week when Starling Bank is expected to say that it has seen a surge in personal accounts from 43,000 in November to 210,000, with an average deposit of £900.

The bank made a pre-tax loss last year of £11.6m against £4.3m a year earlier.

The partnership may emerge from a £775 million fund set up by Royal Bank of Scotland to help other banks, lenders and fintech firms.

 



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