British digital bank Starling is planning a move into Asia-Pacific

British digital bank Starling is planning a move into Asia-Pacific

Good morning FinTech Fanatic,

British digital bank Starling is planning its first expansion outside of Europe, targeting a move into Asia-Pacific, CNBC has learned.

The Goldman Sachs backed digital bank is in talks with an Asian bank about launching its Engine banking-as-a-service platform into a country in Asia, according to chief commercial officer Nick Drewett.

Starling declined to identify the country or Asian bank, given the confidentiality of the arrangement.

Co-founded by Anne Boden in 2015, Starling was valued at £2.5 billion ($3.4 billion) in a funding round in April last year. Goldman Sachs invested £50m in Starling Bank back in April 2021.

Earlier this year Anne Boden announced to step down as CEO by June 30, to avoid a potential conflict of interest. She remains a significant shareholder with a 4% stake.

Revolut Says Latin America is Key Region for Growth

Some news from another UK-based neobank, as Revolut declared Latin America as a key region for its growth going forward.

Revolut launched operations in Brazil, the largest country in Latin America, this past May. However, Revolut did not further discuss any ongoing or proposed banking license applications, according to Crowdfund Insider.

The FinTech market in Latin America is growing rapidly, driven by increasing demand for online banking solutions, favourable demographics, and an underserved population.

It partly explains the success of key players in the Latin American FinTech market, such as Nubank and Mercado Libre or the rapid traction of a payment solution as PIX.

This certainly won't be the last we hear about Revolut’s journey through LatAm, and I'll stay on top of it.

I wish you the best week ahead and please follow me to the other FinTech news.


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