Starling Bank and SumUp Partner to Bring Faster Payouts to Hundreds of Thousands of Small Businesses in The UK
News on 30th July 2019
London, Monday 29th July 2019: Starling Bank, a leading digital banking platform, has partnered with SumUp, Europe’s leading mobile point of sale company, to provide small merchants with access to faster settlements.
With its card terminals relied upon by over 1.5 million users globally, SumUp is helping small business merchants by delivering access to affordable and easy-to-use payment devices. Their terminals can be used with an accompanying app and, crucially, without an app, via their standalone 3G Reader solution which comes with an integrated free data card.
Starling’s Banking Services business provides fintechs, such as SumUp, with access to key payment schemes and a full bank offering all through a simple API.
While SumUp enable merchants to accept card payments in seconds with just an easy-to-use device in hand, traditional banking providers and existing card rails means the process of settlement for small businesses currently requires a waiting time of two to four days for payments to clear through. By using Starling Banking Services, SumUp can now ensure their UK merchants will soon receive payments on the next business day and do not need to wait days to see the money their customers have paid them for their products and services.
Starling’s Banking Services does this by allowing SumUp’s merchants to benefit from:
- Real-time access to faster payments
- Simple integration with Starling’s secure and PSD2-compliant APIs
- Full bank grade accounts with a set of unique virtual accounts
Starling’s Banking Services continues to grow with this new partnership, serving disruptive and innovative payments businesses across the fintech ecosystem. Existing clients include the Department for Work and Pensions, the savings and investment marketplace Raisin UK and fintechs Currency Cloud, Pockit, PelicanPay and Vitesse.
Helen Bierton, Head of Banking at Starling Bank, said: “Small businesses are the lifeblood of an innovative and entrepreneurial ecosystem, so making sure they can receive the rewards of their hard work is incredibly important. Our partnership with SumUp means that whether a small merchant is serving coffee or cutting hair, we are helping to ensure they get paid as quickly as possible so they can get on with growing their businesses.”
Dimitri Gugunava, VP Banking and Acquiring at SumUp, said: “We always look for new ways to improve the services we offer our 1.5 million merchants worldwide on a journey of empowering them to succeed while doing what they love. Quicker payouts is an important step which we were able to take through our partnership with Starling Bank.”
Starling was the first challenger bank to be a direct member of the Faster Payments Service and the only banking provider of real-time access to Faster Payments through APIs in the transaction banking world. Starling’s pioneering Banking Services platform enables businesses – including Payment Service Providers, retailers, corporations and fintechs – to develop and scale new products and to move money in seconds.
Through their simple APIs, this can be done quickly and efficiently without the need for long development lead-times and complex legal arrangements. Starling customers can pick and choose individual components, or product features, to revolutionise how they make payments and innovate new products for their customers.
Notes to Editors
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 to 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.
SumUp is a financial technology company that allows businesses of all sizes to receive payments quickly and simply, both in-store and online. Named as Europe’s fastest-growing company in the ‘Inc. 5000’, SumUp has over 4,000 companies joining the platform every day globally and – with its card terminals relied upon by businesses from DHL to black cab drivers – SumUp expects to generate €200 million in revenue in 2019. In October 2018, SumUp released its 3G reader, a card terminal that lets merchants process payments without the need for a mobile app or constant Wi-Fi connection.
SumUp’s 100% digital sign-up, fast delivery, and quick and easy set-up means that merchants can be empowered by digital transactions within just minutes from receiving their card terminal. For more information, visit sumup.co.uk.