Starling Bank has launched a drive to sell its software to American lenders, aiming to sign its first US banking client worth between $5 billion and $50 billion in assets by early next year as the London-based FinTech pursues international growth beyond its struggling consumer bank.
The company has appointed advisers from Deloitte and PwC to find clients for its Engine software, which allows lenders to design and build their own digital banking capabilities. Sam Everington, chief executive of Engine, told the Financial Times the FinTech plans to sell its services to multiple mid-tier banks and credit unions across North America, though he declined to name specific institutions.
Everington said the US market was ripe for disruption because American banks have relied on a handful of established software providers that control over 90 per cent of the sector. Many banks continue to use outdated technology and workaround solutions such as Cash App and Venmo for payments, he added.
Engine has set a target of reaching £100 million of annual recurring revenue, which Everington said it was “well on track” to hit “fairly quickly”. The software business reported £3.4 million of annual recurring revenue and a £12.1 million pre-tax loss in the 12 months to March 2025.
The expansion comes as Starling has struggled to scale its consumer bank internationally, pulling out of an attempt to secure a European banking licence in 2022. The company has nearly five million customers, mostly in the UK.
Raman Bhatia, Starling’s chief executive, told The Sunday Times that he sees the bank as a “coiled spring” now entering growth mode. Engine is a key part of the group’s overseas expansion strategy, with the FinTech describing it as “asset light, outside of a regulatory perimeter”.
Last year, Engine established a Delaware subsidiary and appointed Jody Bhagat, a former McKinsey partner, as its US president to oversee a $50 million expansion of its New York office. Engine currently has three banking clients in Canada, Romania and Australia.
Starling hopes to win market share from established financial software providers including Jack Henry, Finastra, Fiserv and Fidelity National Information Services. The company’s chief financial officer, Declan Ferguson, previously told the Financial Times it was interested in buying a US bank to secure an American licence.
The push into America reflects a broader trend amongst British FinTechs setting their sights on the US market as domestic consumer growth slows.
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