Starling Bank is putting its foot down on expansion plans for 2026, with a major recruitment drive set to supercharge its software subsidiary, Engine. The UK fintech veteran plans to add approximately 150 new staff globally next year, with over 100 of those roles based in its London headquarters, signalling a powerful acceleration of its banking technology platform.
From Startup App to SaaS Powerhouse
Leading the charge is Sam Everington, Chief Executive of Engine, who has been with Starling since its early days as a twenty-person startup a decade ago. His journey within the bank included the pivotal moment of launching the Starling mobile app. Four years ago, he was asked to steer the new venture of spinning off the bank's core operating system into a standalone Software-as-a-Service (SaaS) business. "I took far too long to say yes – about eight weeks to agree – because I loved the job," Everington told City AM, reflecting on the move from the retail bank to the tech arm.
That tech arm, Engine, sells Starling's proprietary banking platform to other financial institutions worldwide. Its growth is now dramatically outpacing the wider Starling Group. In 2024, Engine contributed £8.7 million to group income, representing a staggering 284 per cent year-on-year increase. This SaaS focus marks a strategic divergence from rivals like Monzo and Revolut, which have concentrated on consumer lifestyle products.
Taking on the Banking Giants
Everington sees the real competition not in other fintechs, but in the established providers that serve traditional banks. He identifies the "terminals" – systems from giants like FIS, Oracle's Flex Cube, and Fiserv – as Engine's primary rivals. "Everyone would assume it's the other fintechs, but actually where does all the business sit today and all the balances sit today? In the traditional banks. And the same is true in core banking," he explained.
Engine's disruptive approach is to offer these established players a modern alternative to the "perceived lowest risk path" of upgrading with incumbent providers. The strategy is gaining traction, with a significant milestone reached in November 2024: Engine signed Tangerine Bank, one of Canada's 'Big 5' banks with $1.4 trillion in assets. "That's a really, really big moment for us," Everington said, noting it is the first Engine client larger than Starling itself.
The expansion has been so rapid that Engine has moved into its own dedicated office in the City of London, having outgrown its space within Starling's building. "I think at one point I had 200 people in about 40 desks," Everington remarked on the need for the new headquarters.
IPO Speculation and Future Ambitions
The growth of Engine comes amid mounting speculation about a potential initial public offering (IPO) for the wider Starling Group. The company fuelled City talk earlier in 2025 by creating a new holding company structure, a necessary step for Bank of England compliance and often a precursor to a float. While London is tipped as the likely venue, group CFO Declan Ferguson has previously stated New York would also be considered.
When asked if Engine would have ambitions beyond a group IPO, Everington remained focused on the present synergies. "We're part of the same group today – there's no decision been made on any IPO after that," he stated, adding that there are "very real benefits to being part of the same group." He did, however, suggest that Engine could eventually become a peer to the bank in terms of its contribution to the group's overall valuation.
Looking ahead, Everington confirmed Engine's expansion plans include a strong "push" for clients across the UK and Europe, as well as in the US market. He also revealed the group is actively exploring mergers and acquisitions (M&A) opportunities that are "propositionally complementary."
A core, non-negotiable principle for Engine under his leadership is that the platform will never be customised for a single client. "When we build new capabilities they're made available to all those banks," he asserted. This ethos even extends to potentially providing technology to Starling's direct rivals, a prospect Everington welcomes, drawing a parallel to Amazon's creation of AWS. "I would love to end up doing that – very, very open to it," he concluded.
