Starling Bank | Neo-Bank Strategy Deep Dive
August 16, 2020
Starling Bank | Neo-Bank Strategy Deep Dive
Explore Starling Bank’s digital banking strategy in the UK across various aspects of its business model.
Note: This version included analysis only up to FY 2020. For a new and updated version check out Starling’s Challenger Bank Playbook 2023
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Description
- 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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