U.K. challenger bank Starling Bank is connecting its small business customers to FreeAgent financial management software.
Starling Bank is integrating with FreeAgent, allowing joint small business users to automatically submit data from their Starling accounts into the FreeAgent platform for seamless accounting, Crowdfund Insider reported Tuesday (April 23). The companies noted the integration can also support synchronization of up to one year's worth of historical transaction data from Starling into the FreeAgent portal.
"We're building a unique and modern business bank that removes much of the stress and financial complexity typically associated with running your own company," said Starling Bank Founder and CEO Anne Boden in a statement. "FreeAgent will play an essential role in this by helping our business customers spend less time on administrative tasks and more on what counts, growing their business."
FreeAgent Co-Founder and CEO Ed Molyneux added that data integration is an important part of small business financial management today.
"It's important for small businesses to have a secure, direct flow of data from their bank into their business accounts — not just to help them manage their finances better but to also make more informed decisions about their businesses," he said. "At FreeAgent we want to ensure small business owners have the best overview of their financial information. Many of our customers have been asking for FreeAgent to have a direct data feed with their Starling Bank accounts over the past year, so we're delighted that this feature is now live."
Starling Bank was recently awarded a portion of funds made available by RBS to promote competition in the banking sector, a win for challenger banks that continue to compete with traditional FIs for access to the cash. But the award also hit some criticism earlier this year, with reports noting that Boden's former co-worker Aidene Walsh is a member of the Banking Competition Remedies, which reviews applicants for the RBS fund. Some critics say that relationship presents a conflict of interest.