Starling told staff Monday that it had withdrawn its application for a European bank license with the Irish central bank.
Starling said its still intends to pursue expansion in Europe, only through software deals with other lenders rather than its own retail bank brand.
"Ultimately, we felt that an Irish subsidiary would not deliver the added value we are seeking," Boden said in the memo Monday. "We'll now be focusing on taking our software to banks around the globe through our Software as a Service subsidiary, Engine, and by expanding our lending across a range of asset classes, including through targeted M&A activity," she added.The company was recently thefrom Lord Agnew, a former U.K. minister, who questioned its deployment of government-backed lending schemes aimed at helping businesses through the coronavirus crisis.
Agnew, who resigned as anti-fraud minister this year over the government's handling of Covid loan fraud, called Starling"one of the worst" offenders when it came to making checks on businesses applying for the government's £47 billion bounce back loans program. The government promised lenders 100% backing for the loans in the event that a firm didn't repay.
The Covid loans program provided a big boost to Starling's bottom line, with the upstart bank posting its marquee profit in October 2020 following a significant uplift in lending activity. The bank's loan book ballooned from barely any lending to nearly £2.2 billion between 2019 and 2021. Starling is expected to reveal its latest full-year accounts this week.
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