Starling Bank
Description
Starling Bank is a digital bank based in the UK. Its banking app offers personal, business, joint and euro current accounts on Android and iOS. The Starling Marketplace offers customers in-app access to a selection of third-party financial services. Starling also offers B2B banking and payments services.
Overview
| Type: | Private |
| Funding Status: | Venture Round |
| Foundation year: | 2014 |
| Location: | London, United Kingdom |
| Number of employees: | 501-1000 |
| Founders: | Anne Boden |
| Website: | https://www.starlingbank.com/ |
Target geographic market:
Global. more than 190 countries; United Kingdom
Awards:
"Smart Money People’s Best British Bank Awards 2018, 2019 and 2020: Best British Bank, Best Current Account. Also Best Business Account in 2019 and 2020. (March 2020) Best Current Account Provider and Best Business Banking Provider (March 2020); Card and Payments Awards: Best Current Account winner (February 2020); Moneyfacts: Best Current Account Award (January 2020); AltFi: Digital Bank of the Year (November 2019); Forbes World’s Best Bank List (March 2019)"; Moneynet Awards 2019: Best Debit Card for use abroad, Best Business Current Account; FS Tech Awards 2019: Consumer Finance Product of the Year; 2019/20 Personal Finance Awards: Best Standard Current Account (November 2019); Payment awards 2017: B2B Payments Innovation of the Year; The Card and Payments Awards 2020: Best Current Account of the Year
About Product/Service
| Products | Current accounts, remittance, debit cards, savings, bills and spending, business accounts, dual currency account (GBP and Euro) account, cashbacks, Insurance, mortgage and investing products (through marketplace); joint accounts, international money transfers, overdrafts and personal loans (in-house), Personal accounts, joint-account, Euro account, Teen Business Accounts - Prepaid debit card for self isolated with spending limit of £200, Banking services and payment services corporate customers, Starling Marketplace offering third party intergrations for business customers |
|---|---|
| Core product offerings for individual/retail customers | Personal/Business Current Account |
| Differentiating features of product | Fee-free card spending and the highest limit for free foreign ATM withdrawals (£300 a day) Starling is the only one that pays an interest on current account balances (*0.5% on balances up to £2,000 and 0.25% over that up to £85,000. From 18th May 2020, the rate will be 0.05% on all balances up to £85,000) Lock the debit card in app while you look – and then unlock when you find it Starling offers an arranged overdraft option. Interest is calculated daily and charged at 15%, 25% or 35% EAR (variable) based on the customer’s credit score. There are no additional charges for unarranged overdrafts. Starling’s partnerships with third-party financial technology companies offer ways to compare insurance, pensions and mortgages. |
| The Base Currency | £ (GBP) |
| Product cost | Users pay a 0.4% transaction fee or can pay a flat rate of £5.50 for a faster payment. We offer interest rates of 15%, 25% and 35% EAR (variable) for arranged overdrafts based on a range of different factors, including information from multiple credit ref |
|---|
Funding rounds
| Last Funding Date | May 28, 2020 |
|---|---|
| Last Funding Amount | £40M |
| Last Funding Type | Venture Round |
| Total Funding Amount | £363M |
| Number of Funding Rounds | 8 |
Financials
| Customer/Products segments | Business Accounts, Business Lending, Consumer Lending, Credit Card:Mastercard, FX, Individual/Retail Accounts, Mortgages (Residential), Overdrafts, Remittance/International Transfers, Multi-Currency Accounts |
|---|---|
| Key product offering | Personal accounts, joint-account, Euro account, Teen Business Accounts - Business Account, Sole Trader Account-Self Employed. Prepaid debit card for self isolated with spending limit of £200 |
| Major shareholders | Merian Chrysalis Investment Company Merian Chrysalis Investment Company Limited is a Guernsey-domiciled investment company traded on the London Stock Exchange. It aims to generate long-term capital growth through investing in a portfolio of fast-growing and highly disruptive unquoted companies. The Company’s investment adviser is the asset manager, Merian Global Investors, a leading public investor in the UK. Merian Global Investors has proven experience in the crossover investing space and funds managed by Merian Global Investors have made investments in, amongst others, TransferWise, Graphcore, and Klarna. JTC JTC is part of the McPike Global Family Office (MGFO) that oversees the investment activity of its founder, Harry McPike. The MGFO operates a proprietary quantitative trading firm and is a global private investor with a focus on technology and financial sector opportunities. |
| Banking license | Have a full banking license |
| Type of customers | Retail customers (residents and non-residents), SMEs |
| Number of customers | Have a 180000 business customers |
| Estimated revenue | $10M to $50M |
| Number of investors | 6 |
| Number of lead investors | 6 |
| Names of lead investors | JTC Group, Merian Global Investors, Merian Chrysalis, Future Fifty, Capability and Innovation Fund, Harald McPike |
Tech stack
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