Starling announces addition of Penfold to its Business Marketplace

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London-based digital bank, Starling, has introduced pension solutions provider Penfold to its Business Marketplace in a bid to enable self-employed people to set up, manage and track their pensions online or on their phone. Starling’s Marketplace is already home to 26 integrations and claims to have 3% of the UK SME banking market.

Anne Boden, Founder, and CEO of Starling Bank, said, “Our business customers work incredibly hard ensuring their companies thrive, but planning for retirement isn’t always factored in. The integration with Penfold will encourage them to invest and benefit from the government contributions and tax relief, which can make savings go so much further.”

Pension aims to offer a traditional alternative to freelancers and self-employed people and limited company directors and encourage pension planning. The company enables customers to see their saved amount, monthly contribution amount, investment fluctuations, etc. within the Bank’s app. Starling has stated that the new features will be available to 180,000 SME customers.

Recently, Starling Bank announced that it has launched a new digital banking Toolkit and a US dollar account for allowing British entrepreneurs to spend directly in pounds and dollars with a single debit card.

Chris Eastwood, Co-founder of Penfold, said, “The growth of self-employment in recent years has led to 15%* of the UK workforce market now working for themselves – that’s around five million people. Previously pension providers hadn’t progressed to accommodate the needs of this growing workforce. Our new integration with Starling further highlights the need for simple to use, flexible pensions for the self-employed, that are centered around excellent customer service.”