Tangerine and Engine by Starling sign agreement to provide next generation banking for Canadians

Source: Engine by Starling

Tangerine Bank (Canada’s award-winning digital bank and wholly-owned subsidiary of Scotiabank, one of the “Big 5” banks in Canada with assets of approximately $1.4 trillion) and Engine by Starling (the Starling Group’s banking Software-as-a-Service (SaaS) business) has announced an agreement to deliver a next-generation banking platform for more than 2 million Tangerine clients in Canada.

Under the terms of the 10-year agreement, Tangerine will upgrade its core digital banking system to Engine’s cloud-native banking platform, enabling the digital bank to supercharge its client experience and embark on an ambitious new phase of growth.

With Engine’s SaaS platform, Tangerine’s clients will experience best in class digital onboarding, chequing accounts, instant access savings, overdrafts, debit cards and smart money management features such as card controls and spending insights, delivered through an intuitive mobile app. Behind the scenes, Engine’s end-to-end platform will provide a simplified account view and consolidate the capabilities and support tools Tangerine needs to reduce operational cost and complexity for employees.

Tangerine becomes Engine’s first North American client after the British firm announced offices in New York and Toronto earlier this year. Born of the UK’s Starling Bank in 2022, the company currently supports Salt Bank in Romania and AMP Bank GO in Australia.

Terri-Lee Weeks, president and chief executive officer of Tangerine, said: “Tangerine chose Engine to help build the future of banking services for our clients – delivering a premier banking experience with intuitive, personalized features that evolve with client needs. Engine’s modern core banking system uniquely provides an end-to-end platform on which Tangerine can innovate quickly and continuously, reducing the time-to-market for new products and features, and delivering world-class experiences for our clients – all while staying true to the client-first design that Tangerine is known for in Canada.”

Sam Everington, chief executive officer of Engine by Starling, added: “Engine’s technology and operating model is a tried and tested blueprint for building market-leading digitally-native banks. It is a true fintech success story as we see our software enabling ambitious, innovative and customer-centric banks all over the world. This agreement with Tangerine is a major milestone and the largest deal we have signed to date, showing just how scalable and adaptable Engine is.”

This announcement follows Engine’s expansion into the North American market to support its global growth and to develop new capabilities. Tangerine will benefit from a dedicated Engine team in Toronto consisting of product, delivery and technical specialists, who will now collaborate to deliver a refreshed suite of digital features and services.