Making Rent Count: Starling Bank partners with CreditLadder to help renters get on the property ladder
News on 8th July 2019
LONDON, 8 JULY 2019: Starling, the leading digital bank, has partnered with CreditLadder, the UK’s largest rent recognition platform, in a move that will help thousands of Starling customers improve their credit score and get on to the property ladder.
CreditLadder will enable Starling customers to use their monthly rental payments to help build their credit history. By proving to lenders and credit reference agencies that they can pay their rent both reliably and on time, those using the service could gain access to better rates on a range of financial products – such as mortgages, loans, credit cards and mobile phones.
The first-of-its-kind integration allows Starling customers to use the service directly through Starling’s Marketplace feature. In a compelling example of Open Banking in action, the service will be providing faster and more convenient access to the benefits CreditLadder’s service offers without the need to navigate away from Starling’s app.
CreditLadder becomes the latest partner to join Starling’s in-app Marketplace, which launched in February 2018, harnessing Open Banking to offer customers direct access to a range of financial services and products securely on their phone. Starling already has existing partnerships with pension provider PensionBee, digital investing services Wealthsimple and Wealthify, mortgage broker Habito, insurance provider Churchill Insurance and loyalty partner Flux.
Anne Boden, Founder and CEO of Starling Bank said: “Our Marketplace is designed to help customers make the most of their finances. CreditLadder shares this vision and is giving people a much-needed advantage in today’s tough property and credit climate.”
Sheraz Dar CEO of CreditLadder.co.uk, says: “Being added to Starling Bank’s Marketplace is a major milestone for us and a huge opportunity to help Starling Bank’s customers improve their credit position for free, should they wish to do so. We want to see every tenant in the UK report their rent and see the benefits it can bring – this is a great step in realising that ambition.”
Launched in 2016, CreditLadder has so far read rents totalling over £75 million. The platform, a member of the government-backed Tech Nation initiative, recently won approval from the Financial Conduct Authority to grow its suite of services. Last year, it was awarded £600,000 from HM Treasury to help develop its tech, business development and product.
ABOUT STARLING BANK
Starling is a leading digital bank, founded in 2014 and voted Best British Bank in 2018 and 2019. Its retail banking app offers personal, business and joint current accounts on Android and iOS. The Starling Marketplace allows customers in-app access to a curated selection of third party financial services. Starling also offers groundbreaking B2B banking and payments services.
Starling is a fintech business with a banking licence, fully regulated by the FCA and PRA. It is directly connected to major payment schemes, including Faster Payments, SEPA, Bacs and MasterCard.
FCA approved CreditLadder is the UK’s first and biggest rent recognition platform that enables renters to add their rent payments to their credit history.
Tenants have their rent payments read by CreditLadder using Open Banking enabled APIs. This allows the tenant to have their rental payment track record added to their credit file, and ultimately help improve their credit history.
CreditLadder works with leading credit reference agency Experian and since launch has reported over £70 million in rent. Recently, the company was announced as a final stage winner of both the HM Treasury’s Rent Recognition Challenge and became one of 20 companies chosen from nearly 100 applicants to join the HM Treasury-supported Tech Nation programme.
CEO Sheraz Dar has worked at and invested in many of the UK’s leading digital businesses including; PrimeLocation, Quidco and OpenRent, the latter being the UK’s biggest letting agent by volume.