UK challenger Starling Bank has acquired accounting and tax platform Ember to enhance its business banking services, in preparation for new national tax initiatives emerging next year. The financial terms of the deal have been left undisclosed.
Founded in 2019 by Daniel Hogan and Aaron Shaw, Ember provides UK limited companies and sole traders with tax and bookkeeping software that includes expense management, invoicing, and multi-currency services.
Currently serving customers of Barclays, HSBC, Lloyds, and Revolut, Ember’s platform will be integrated exclusively into Starling Bank’s business banking suite by the end of 2025. The integration is strategically timed ahead of the 2026 deadline set by the UK government for the ‘Making Tax Digital’ legislation, which will require all qualifying sole traders and landlords to submit quarterly reports to HMRC using an approved software provider.
Starling, which claims to boast a 9% market share in small business banking, will add Ember to its existing business services, including Spaces for setting aside funds, bills manager, bulk payments, international money transfers, and Spending Intelligence – a recent AI feature that helps track expenses.
This marks Starling’s first acquisition since purchasing buy-to-let mortgage group Fleet Mortgages in 2021 for £50 million. As part of the transition, Starling plans to discontinue Ember’s accountancy advisory services.
Source: https://www.fintechfutures.com/
