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Starling Bank statistics
Here's everything you need to know about the fintech company looking to revolutionise banking.
Starling Bank is an app-based digital bank that’s making banking easy for its customers. Taking away all the bureaucracy that comes with traditional branch banking, Starling Bank provides its customers with instant and complete access to their finances.
Digital banking has seen a massive boom in recent years, with just over 1 in 10 Brits (12%) having now switched from branch banking to digital banking. And though nearly 47% of digital bank users currently keep less than £1,000 in such accounts, it is predicted that nearly two-thirds of banking customers will make the switch to a digital bank in the future.
Since launching in 2017, Starling Bank has been one of the most prominent disruptors in the industry, and it was a highly commended brand in Finder’s Banking Customer Satisfaction awards, as voted for by customers.
- Starling Bank has over are 1.42 million personal accounts.
- There are over 100,000 accounts that use euros or USD.
- Over £4 billion was deposited to Starling Bank accounts.
- The Starling Bank app has an average rating of 4.9/5.
- How much funding does Starling Bank have? It’s total funding is £363 million, of which £100 million was raised in 2020 (and the bank is going for more!).
- How much revenue does Starling Bank make? The bank made £80 million revenue in FY 2019/2020. Starling recently announced an annualised revenue run rate of c.£108m.
- What’s the average deposit? The average deposit in a Starling account is £1,625
Starling Bank’s growth over time
Having started off as a small fintech startup with only 89 people on the team, the company has grown immensely since its establishment. To date, Team Starling now consists of more than 958 employees, with offices in London, Cardiff, Southampton and Dublin.
Starling Bank has 1.42 million personal customer accounts in October 2020, a 72% increase from 2019. The growing customer base puts it ahead of competitors such as Tandem bank, however they have 2.2 million personal customer accounts less Monzo and 10.3 million less than Revolut . Starling also have 256,000 business accounts.
|Bank||Number of users|
|Starling Bank||1.7 million|
Starling Bank’s revenue
The bank has seen substantial growth in revenue over the past three years, jumping drastically to improve the bank’s financial prospects. In 2016, Starling Bank saw annual revenue of £12,800, however, in 2020, they announced that their annualised revenue run rate had jumped to £108 million. According to Starling, this is due to card usage volumes bouncing back fast during the coronavirus lockdown, combined with lending and growth in other parts of the business.
The overall value of the company’s assets has also increased by a lot over the past five years. In 2015, its assets were valued at £22,400. However, with increasing popularity, investments and a growing customer base, by 2019, the bank had amassed assets valued at a massive £1.2 billion.
Starling Bank’s: Deposits
Starling Bank customers deposited a total of £4 billion according to their latest release, up from £897 million in 2019. This increase is likely to be partly down to average deposits of Businesses, Sole Traders and retail customers all increasing since October 2019. The average deposits of business customers increased from £11,250 in October 2019 to £14,900 in October 2020. Personal retail account deposits also increased from £900 to £1,625.
|October 2019||October 2020|
|Average Deposits - Business||£11,250||£14,900|
|Average Deposits - Sole Trader||£1,700||£3,100|
|Average Deposit - Retail||£900||£1,625|
Starling Bank’s employee overview
With 958 employees, a majority of the bank’s hires are made for tech-centred positions. Other than that, broader/multi-category positions make up a bulk of the bank’s employees, along with a smaller percentage of employees working in support, finance and sales.
|Sales and BD||2.40%|
|Marketing and PR||2.40%|
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