Tangerine Bank Signs 10-Year Deal to Rebuild Its Banking System

Tangerine Bank (owned by the Bank of Nova Scotia) is teaming up with UK-based fintech company Engine by Starling to overhaul its core digital banking system under a new 10-year agreement.

The deal will see Tangerine—which serves more than 2 million clients in Canada—move its banking operations to Engine’s cloud-based platform. The system will replace Tangerine’s current infrastructure and aims to improve how customers open accounts, manage money, and access everyday banking tools such as chequing, savings, overdraft, and debit card services.

Tangerine says the update will also make it easier to roll out new products faster while reducing back-end complexity for staff.

For Engine, the partnership marks its first major contract in North America. The company, which spun out of the UK’s Starling Bank in 2022, already powers digital banking operations for Salt Bank in Romania and AMP Bank in Australia.

Tangerine President and CEO Terri-Lee Weeks said the partnership will help the digital bank “build the future of banking services” and deliver “a premier banking experience with intuitive, personalized features that evolve with client needs.”

Engine CEO Sam Everington called the deal the company’s “largest to date,” adding that it demonstrates how its technology can support “digitally-native banks all over the world.”

Other clients of Engine by Starling include Salt Bank in Romania and AMP Bank in Australia. Earlier this summer Starling expanded into the U.S.

The collaboration follows Engine’s recent expansion into North America, with new offices in Toronto and New York. A dedicated team based in Toronto will work with Tangerine to roll out updated digital features and services over the next few years.

President’s Choice Financial, launched in 1996 by Loblaws and CIBC, was Canada’s first branchless digital banking brand, followed a year later by ING Direct—the country’s first true online-only bank. Scotiabank acquired ING Direct in 2012 and rebranded it as Tangerine. Nowadays there are more digital-only bank options including the likes of Toronto’s Wealthsimple.