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.