Starling Bank refreshes brand and expands SaaS division amid leadership shift
Starling Bank is preparing for a new phase of growth, refreshing its UK brand and expanding its Software-as-a-Service division, Engine by Starling, into Canada and New Zealand. The move follows recent leadership changes and a £29 million fine from the Financial Conduct Authority (FCA) for weaknesses in its financial crime controls.
Between September 2021 and November 2023, the bank opened more than 54,000 accounts for 49,000 high-risk customers, raising regulatory concerns.
The FCA penalty highlighted gaps in Starling's financial sanctions screening. In response, the bank has worked to strengthen its risk management framework over the past two years. Cyrille Salle De Chou, who joined in February 2024 after seven years at HSBC and a brief stint at RateSetter, led this effort. Under his guidance, the bank scaled its risk controls and embedded a stronger risk culture.
Now, leadership is transitioning. Keith Algie, a risk management veteran with over two decades of experience, has been named as Salle De Chou's successor. His background includes senior roles at ANZ, where he served as chief risk officer for Europe and the Americas and as acting group chief compliance officer. Algie joined Starling this month to begin a handover and will soon take a seat on the executive committee. Group CEO Raman Bhatia welcomed Algie's appointment, praising his expertise while acknowledging Salle De Chou's contributions. The bank's focus remains on growth, with its SaaS business gaining traction in new markets despite the recent regulatory setback.
Starling's next steps include solidifying its risk framework under new leadership and pushing forward with international expansion. The FCA fine and leadership changes come as the bank seeks to balance regulatory compliance with its ambitions for growth. No updated figures on customer acquisition since the penalty have been released.
