Starling Bank | Neo-Bank Strategy Deep Dive
Updated: Nov 9, 2020
1. 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💰.
2. #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.
3. 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.