Starling Bank, the UK’s leading mobile-based bank, has today added SME insurtech Digital Risks and cybersecurity platform CyberSmart to its business marketplace. The two new partners are part of Starling’s strategy to expand its Marketplace in order to provide business customers with the tools they need to set up and grow their operations. Accessible from within the Starling app, the two complementary products will allow customers to manage more of their business admin from one place.
Digital Risks is the first insurance provider to offer insurance targeted to meet the needs of small and medium-sized digital businesses and the new and emerging threats they face. They offer wide ranging cover including commercial legal protection, cyber security, management liability, employers liability, public liability and professional indemnity.
The partnership means that Starling’s 65,000 business account holders will be able to purchase tailored insurance cover in minutes, directly from their smart-phone, with a flexible monthly subscription model that can be changed or cancelled at any time at no extra cost. For those Starling customers who choose to purchase a product from Digital Risks, they will be able to keep track of their policy dates from within their Starling app.
CyberSmart uses technology to identify digital weaknesses of businesses in less than 60 seconds, recommends fixes and helps companies manage these through a simple online dashboard. CyberSmart will make it quick and easy for Starling customers to achieve their Cyber Essentials Certification, the government backed accreditation that helps guard against the most common cyber threats and reduce company risk by at least 80%. The platform also allows businesses to ensure that they are fully GDPR compliant.
Anne Boden, Founder and CEO of Starling Bank, said: “Having started a digital business I know the unique and ever-changing challenges you face first hand. These new partnerships will make it quicker and easier for our clients to ensure they have both the insurance cover they need and the vital cyber security systems in place. Small businesses are subject to up to 10,000 cyber-attacks per day, so it is vital that they are properly insured and have robust digital protection.
“By working with Digital Risks and CyberSmart, our business customers will be able to focus on growing their businesses knowing that their insurance and cyber security needs have been taken care of.”
Cameron Shearer, CEO of Digital Risks, said: “Starling has taken retail banking by storm, giving users a truly better way to manage their finances, and we’re excited to partner with them to bring simplicity to SME insurance through their in-app Marketplace.
“The partnership means that our Starling customers can now easily protect themselves against the multitude of threats that they will inevitably face as they grow and can also easily adapt their subscription-based cover as their circumstances change.”
Jamie Akhtar, Co-Founder of CyberSmart added: “Starling Bank is massively shaking up the business banking world and we are excited to join their Marketplace during this period of fast growth. This partnership will give tens of thousands of SMEs easy access to our services so that they can be better protected.”
Digital Risks and CyberSmart are the latest partners to join Starling’s in-app Marketplace, which uses Open Banking to give customers direct access to financial services and products securely on their phone. The Bank has committed to launch 48 new partners on its business Marketplace by the end of 2023. Existing partnerships include flexible working capital provider Growth Street and accountancy software Xero and FreeAgent.
Starling will be announcing further Marketplace partnerships to help small business owners in due course.