Digital bank Starling Bank says it has opened up its business account to many more UK small and medium-sized enterprises by inviting companies with more than one person of significant control (PSCs) to sign up.
The Fintech said the move was made in response to high demand.
Starling’s new “multi-PSC account” seeks to challenge the 85% of business accounts managed by traditional banks.
Currently, Starling’s mobile business bank account for single-person businesses now has approximately 60,000 customers.
In April, Starling received a £100 million grant from the Capability and Innovation Fund (CIF), a body created to boost competition in SME banking.
According to Stargling, PSCs typically own 25% or more shares of a business and/or 25%+ of the voting rights. This new account has been built for businesses where multiple PSCs who are also directors of the company need access to the account, such as husband and wife and civil partnership teams.
Starling’s business account has no monthly fees, no fees for making a payment to another UK bank account and no fees for withdrawing cash via ATMs.
Companies will be able to apply for an account in minutes and, once approved, instantly make payments to suppliers, including international payments. Account-holders will also be able to make cash deposits and withdrawals at any of the 11,500 UK Post Offices.
Anne Boden, founder and CEO of Starling Bank said that opening up their business account to SMEs with more than one PSC will give hundreds of thousands more companies access to our features. They never need to worry about where their nearest bank branch is and when it will be open.
“With funding from the Capability and Innovation Fund, we are reshaping the SME banking market, using technology to help businesses thrive,” stated Boden. “We have a fantastic entrepreneurial spirit in the UK and Starling wants to give SME business owners the best possible banking services to make their life easier and allow them to focus on what counts.”