“Engine will supply technology to the UK bank,” is how Everington explained the setup, speaking exclusively on AltFi’s Money Talks webinar and podcast. “And to hopefully what will become our European bank—we’ve been working through that process in Ireland for a while.”
Indeed, in order to truly take Engine global, as Starling’s CEO Anne Boden has stated, the bank must first resolve its Irish banking licence roadblock, the delays around which continue to linger.
“So for the kind of rest of the world, and to a reasonable extent in Europe, we want to work with other banks and financial providers, where we supply the technology and bring them the kind of insights and our way of working and serving customers through to our experience with our operational processes running Starling at scale for five or six years now,” explained Everington.
“To help them transform and to re-platform, or stand up digital brands on the side and eventually re-platform onto later… that’s what the Engine entity is focused on doing.”
“We don’t plan to follow the Revolut path of going after licences in 50 different countries,” the CEO said.
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Isn’t that what’s required for them to expand? They can only passport within the EEA; everything else will have to be a separate licence. There’s massive room for Engine Expansion within Japan and other international markets where the financial industry is years behind Europe.