Starling’s BaaS proposition has enabled Shoal to develop and build a unique product at scale and at speed. As part of the broader strategy this new partnership intends to expand Shoal into Europe. Shoal will be added to the Starling Marketplace in due course, enabling existing Starling Bank customers to benefit from this new digital sustainable offering. Shoal signifies a major development in the UK banking sector, combining Standard Chartered’s leadership on sustainability and unique global footprint with Starling Bank’s best-in-class digital capabilities and Banking as a Service (BaaS) offering in the UK. They will receive regular updates on the projects they have helped fund, alongside a competitive rate of return.Īllowing direct customer choice in this way fundamentally disrupts the traditional ethical banking model, which has tended to be defined by the activity that is screened out rather than allowing customers to select the projects that receive funding. Once they have chosen a theme or combination of themes to support, their money will be used exclusively to fund projects aligned with those themes. Customers will be invited to select from a shortlist of options such as renewable energy, clean water, and community development. The first offering on the Shoal marketplace will be a savings account. In this way, Shoal will empower its community to channel their savings directly to the causes that matter most to them. Launching in 2022, Shoal will invest exclusively in green and sustainable projects, and will give savers the power to select the types of project their money supports. London – Today SC Ventures, the innovation arm of Standard Chartered Bank announced the launch of Shoal, a new digital platform powered by Starling Banking Services that will give UK savers the power to help fund the fight against climate change. If you’re looking for a career with purpose and want to work for a bank making a difference, we’d love to hear from you.
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