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Goji partners with Starling Bank to enhance platform technology offering.
Goji are partnering with Starling Bank to provide its clients with an ISA compliant CASS solution that is run over faster payments. Goji’s modular technology enables investment managers and credit originators to offer retail suitable Direct Lending investments through tax-efficient wrappers such as the Innovative Finance ISA, SIPPs and SSASs.
This new partnership, Starling’s first in the investment management space, means Goji’s platform clients can take advantage of a best in breed, fully outsourced CASS solution, delivered over faster payments. It means Goji’s clients can offer their investors a seamless, but CASS compliant, payments solution.
Goji are using Starling’s APIs to access their Payments Services offering; Starling are the first challenger bank to be a direct member of the Faster Payments Service and the only provider of real-time access to Faster Payments through APIs.
Goji has seen a surge in interest in the technology proposition its CASS solution will power, driven by the increase in profile of Direct Lending as an asset class (it was the fastest-growing asset class, globally, in 2017), as well as the rapid uptake of the Innovative Finance ISA amongst UK investors. Most recently Goji has seen a surge of interest from tax efficient investment managers who are looking to finance projects that are no longer suitable for EIS under the new risk to capital conditions. 25 companies are so far using the service, including established names such as Assetz, Downing and Landbay. Many more have signed up to terms and are currently in negotiation.
Julian Sawyer, Head of Banking Services at Starling Bank, said ‘we’re delighted to be partnering with Goji on their platform technology service. Goji are disrupting the Direct Lending industry by bringing it to new audiences in new ways, and as a challenger bank ourselves, we love working with businesses that have the same attitude; questioning how things are done and using technology to do it better’.
Jake Wombwell-Povey, CEO of Goji, said ‘partnering with Starling is fantastic news for us. We can now offer our clients an even better Client Money solution, and that strengthens our product and our position in the market. We wanted our new partner to be a challenger bank rather than a more established institution because it fits with our own values, and Starling have really delivered for us.’