starling-bank

 

Users of Starling Bank increased by five times in the nine months to August 2018 while deposits exceeded £100m, yet the challenger bank requires further funding.

Average deposits sit at around £900 per account but it recorded a post-tax loss of £10.2m in the year to 30 November 2017 saying its future was “dependant on the continued support of its principal investor”.
Starling’s ambitions, however, include offering banking as a service to companies and governments, including a contract to support new initiatives at RBS/Natwest. It has also applied for a grant of £120m from the RBS Remedies Scheme, which would allow it to “deliver a groundbreaking, technology-driven financial proposition” to SMEs.