Starling Bank | Neo-Bank Strategy Deep Dive
August 16, 2020
Starling Bank | Neo-Bank Strategy Deep Dive
Picking up where we left off last week with Monzo Bank Analysis, this week we turn to Starling Bank.
Complimentary Research
Description
Picking up where we left off last week with Monzo Bank Analysis, this week we turn to Starling Bank:
- Resurgence in #COVID times: Starling Bank is adding a new account⚖️ every 35 seconds ⏰ . It has opened more than 1.5 million accounts(1.25 Mn retail accounts and almost 0.2 Mn business accounts) . In July 2020, Starling holds more than £3bn of deposits.
- #Lending and #SME focus: Since November 2019, Starling Bank’s loan book has grown 20X from £54m to more than £1bn. Lending under govt. backed guarantee schemes #BBLS and #CBILS ) on own books and in partnership with Funding Circle UK has driven this growth.
- Customer #Demographics : 78% of Starling’s retail customers are based outside London in the UK. The same is true of Starling’s SME customers, with 69% of businesses being registered outside of London.
- #Marketplace and #BaaS: Starling has added 17+ partners in 2019 & 2020 in its retail and SME marketplaces and the #BaaS revenue stream seem to have grown 7X in 2019-20.
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