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Chrysalis Investments Ltd on Tuesday noted a ‘major’ contract for Engine by Starling with Tangerine, a subsidiary of Scotiabank. Chrysalis, a London-based investor in UK and European firms, noted the ten-year agreement will allow Tangerine to ‘supercharge its client experience and embark on an ambitious new phase of growth’ and see its customers in Canada move onto Engine’s platform. Tangerine becomes Engine’s first North American client after Engine announced new offices in New York and Toronto earlier in 2025, Chrysalis noted. Tangerine is a Toronto-based digital bank with over two million customers, C$40 billion, around £21.76 billion, in assets and 1,200 employees. Tangerine Chief Executive Officer Terri-Lee Weeks said: ‘Tangerine chose Engine to help build the future of banking services for our clients - delivering a premier banking experience with intuitive, personalised 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’. Nick Williamson and Richard Watts, managing partners of Chrysalis’s investment adviser Chrysalis Investment Partners LLP, said: ‘We view this deal as transformational for Engine. Not only is it Engine’s first migration of an existing customer base, it is also with a subsidiary of one of the biggest banks in North America. We view the fact that Tangerine has chosen to switch to Engine as a resounding endorsement of Starling’s technology platform, particularly given Tangerine’s impressive customer service reputation. ‘Having deployed Engine to its two existing customers - Salt Bank and AMP Bank GO - within 12 months, we have great faith in Engine’s ability to successfully onboard Tangerine’s customers. We see this as a very exciting prospect that will open up the significant opportunity of global banking IT serving existing customers, thus greatly expanding Engine’s addressable market.’ Starling comprised 46.5% of Chrysalis’s net asset value as at September 30. Chrysalis shares were 1.0% lower at 119.40 pence each on Tuesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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