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.
So without further ado, here’s everything you need to know about Starling Bank.
Having started off as a small fintech startup with only 89 people on its team, the company has grown immensely since its establishment. To date, Team Starling now consists of over 700 employees, with offices in London and Southampton.
The bank has more than 930,000 active users, a number that has grown significantly over the years. The growing customer base puts it ahead of competitors like Yolt and Tandem bank.
The bank has seen a substantial growth in revenue over the past three years, jumping drastically to improve the bank’s financial prospects. In 2016, Starling Bank saw an annual revenue of £12,800, however by 2018, its revenue had improved drastically, jumping to £1.4 million.
| Year | Revenue |
|---|---|
| 2016 | £12,800 |
| 2017 | £32,000 |
| 2018 | £1,400,000 |
The overall assets of the company have also increased a lot over the past four years. In 2015, its assets were valued at £22,400. However, with increasing popularity, investments and a growing customer base, by 2018, the bank had amassed assets valued at £234.7 million.
| Year | Assets |
|---|---|
| 2015 | £22,400 |
| 2016 | £15,400,000 |
| 2017 | £53,300,000 |
| 2018 | £234,700,000 |
With over 700 employees, a majority of the bank’s hires are made for tech-centred positions. Besides 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.
| Category | Percentage |
|---|---|
| Technology | 33.30% |
| HR | 4.80% |
| Finance | 7% |
| Other | 23.80% |
| Sales and BD | 2.40% |
| Support | 16.70% |
| Creative | 2.40% |
| Admin | 2.40% |
| Marketing & PR | 2.40% |
| Retail | 4.80% |
Some of the key figures at Starling Bank are:
Click here for more research. For all media enquiries, please contact
Self-isolating can be problematic when it comes to buying groceries, especially if those helping you out aren't family or close friends. Starling Bank now allows you to order a second card for your Starling account to give to the people helping you out. Read more…
Starling's new mobile cheque feature lets you cash your cheques into your account from the comfort of your sofa (or bed, we won't judge). Read more…
The launch for Standard account holders has been brought forward due to the coronavirus crisis, says the digital banking challenger. Read more…
Find out some key tips on what you can do with your money to prepare if a recession were to hit in 2020, from changing suppliers to digital banking. Read more…
Revolut Junior is a money management app designed for kids aged between seven and seventeen years old. Revolut hopes to teach kids money management skills. Read more…
Keen to manage all your money directly from your smartphone? We've put together a list of the best banking apps available in the UK Read more…
