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[[File:StarlingBank Logo Vertical.png|thumb]]{{Infobox company|name=Starling Bank|type=Private|industry=Financial Services|founded=18/6/2014|founders=Anne Boden|key_people=John Mountain - Interim CEO|revenue=+£452.8m (2023)|profit_year=2023|website=https://www.starlingbank.com/|profit=£194.6m}}
[[File:StarlingBank Logo Vertical.png|thumb]]{{Infobox company|name=Starling Bank|type=Private|industry=Financial Services|founded=18/6/2014|founders=Anne Boden|key_people=John Mountain - Interim CEO|revenue=+£452.8m (2023)|profit_year=2023|website=https://www.starlingbank.com/|profit=£194.6m}}
Starling Bank (/ˈstɑːrlɪŋ/) is a British bank operating in the United Kingdom. It offers a range of mobile banking services, including current and business accounts, personal loans, and various other financial products. It has won multiple national rewards including, but not limited to, the “Best Business Banking Award” in 2023 & Which?'s “Banking Brand of the Year” <ref>https://www.starlingbank.com/about/awards/</ref>.  
Starling Bank (/ˈstɑːrlɪŋ/) is a British bank operating in the United Kingdom. It offers a range of mobile banking services, including current and business accounts, personal loans, and various other financial products. It has won multiple national rewards including, but not limited to, the “Best Business Banking Award” in 2023 & Which?'s “Banking Brand of the Year” <ref>https://www.starlingbank.com/about/awards/</ref>.


'''History'''
'''History'''
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|}
The latest issuance of shares was towards existing shareholders, increasing the Group's Share Capital by £553, which was further increased during 2022 by additional issuances.<ref>Starling-Bank-Annual-Report-2023.pdf (starlingbank.com)</ref>
The latest issuance of shares was towards existing shareholders, increasing the Group's Share Capital by £553, which was further increased during 2022 by additional issuances.<ref>Starling-Bank-Annual-Report-2023.pdf (starlingbank.com)</ref>
=== Industry Outlook ===
==== Market Trends ====
==== Key industry drivers ====


=== Corporate governance ===
=== Corporate governance ===
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Carolyn Clarke was appointed a director in October 2020. She is an expert in risk, assurance, control, compliance, and conduct. With a background that includes senior executive and board positions, she previously served as the Head of Audit, Risk, and Control at Centrica and had a 20-year career at PwC. Her specialization lies in assessing the influence of people, behaviors, and culture on organizational risks and outcomes. Clarke holds the position of Vice President at the Chartered Institute of Internal Auditors and chairs the audit committees for two green technology growth companies, Elcogen Group and Agilyx.
Carolyn Clarke was appointed a director in October 2020. She is an expert in risk, assurance, control, compliance, and conduct. With a background that includes senior executive and board positions, she previously served as the Head of Audit, Risk, and Control at Centrica and had a 20-year career at PwC. Her specialization lies in assessing the influence of people, behaviors, and culture on organizational risks and outcomes. Clarke holds the position of Vice President at the Chartered Institute of Internal Auditors and chairs the audit committees for two green technology growth companies, Elcogen Group and Agilyx.




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==== '''Independent Non-Executive Director''' ====
==== '''Independent Non-Executive Director''' ====
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'''Chief Executive Officer'''[[File:Anne Boden MBE.png|left|thumb|300x300px|Anne Boden MBE, Chief Executive Officer of Starling Bank<ref>Starling-Bank-Annual-Report-2023.pdf (starlingbank.com)</ref>]]
 
 
==== '''Chief Executive Officer''' ====
[[File:Anne Boden MBE.png|left|thumb|300x300px|Anne Boden MBE, Chief Executive Officer of Starling Bank<ref>Starling-Bank-Annual-Report-2023.pdf (starlingbank.com)</ref>]]




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After an distinguished global career in financial services, Anne Boden MBE founded Starling Bank in 2014. Among her notable past positions, she served as the Chief Operating Officer of Allied Irish Banks, Head of EMEA, Global Transaction Banking at RBS, and Executive Vice President Europe, Transaction Banking at ABN AMRO. Boden, who holds a computer science background, is a Fellow of the Royal Chartered Institute of IT and joined the Prime Minister's Business Council and the Mayor of London's Business Advisory Board in February 2022. In recognition of her contributions to financial technology, she was awarded an MBE in 2018.
After an distinguished global career in financial services, Anne Boden MBE founded Starling Bank in 2014. Among her notable past positions, she served as the Chief Operating Officer of Allied Irish Banks, Head of EMEA, Global Transaction Banking at RBS, and Executive Vice President Europe, Transaction Banking at ABN AMRO. Boden, who holds a computer science background, is a Fellow of the Royal Chartered Institute of IT and joined the Prime Minister's Business Council and the Mayor of London's Business Advisory Board in February 2022. In recognition of her contributions to financial technology, she was awarded an MBE in 2018.




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== Market and Industry ==
'''Overview of the industry'''


=== '''Overview of the industry''' ===
Starling Bank is a British digital challenger bank, providing current and business accounts in the UK. A digital challenger bank is a type of direct bank that operates exclusively using online banking without any traditional physical branches. They provide a digital-first, digital-only, banking platform that promises seamless online experiences and low or no-fee services. According to recent research by Global Markets Insights (GMI), the neobanking market size exceeded $45 billion during 2021 and is predicted to grow significantly at a CAGR of 45% from 2022-2028.  
According to recent research by Global Markets Insights (GMI), the neobanking market size exceeded $45 billion during 2021 and is predicted to grow significantly at a CAGR of 45% from 2022-2028.  


=== '''Key market drivers''' ===
'''Key market trends'''
* '''Technology Adoption:''' With the increase in smartphone and internet usage worldwide, more people have access to and comfort with digital platforms. This broad technology adoption makes it possible for neobanks to reach a large customer base.
 
* '''Customer Demand for Convenience:''' Today's customers expect convenience, speed, and personalized services. They are increasingly turning to digital banking as it offers 24/7 access to banking services from any location. This shift in consumer behavior is driving the growth of the industry.
'''Key challenges in the industry'''
* '''Cost effective:''' Digital banking platforms typically require less physical infrastructure and personnel than traditional banks, resulting in lower operating costs. This allows digital banks to offer competitive rates and fees, attracting more customers.
* '''Regulatory Support:''' In many parts of the world, regulatory changes have made it easier for neobanks to operate. For instance, open banking regulations have enabled neobanks to integrate more smoothly with other financial systems and services.
* '''Dissatisfaction with Traditional Banks:''' There's a growing sentiment among certain customer groups, particularly younger generations, that traditional banks don't meet their needs or aren't aligned with their values. This has created an opportunity for neobanks to offer an alternative.
* '''COVID-19 Impact:''' The ongoing COVID-19 pandemic has further accelerated the shift towards digital banking. Social distancing measures and an overall increase in online activities have increased demand for digital banking services provided by neobanks.
* '''User-friendly Interface：'''the interface of neobanking app are becoming more and more convenient and user-friendly, which will attract more customs.
* '''Increasing Mobile Penetration:''' As the technology development, most people get used to use mobile app. The increase in mobile phone penetration has made people more and more accustomed to and like to handle business on mobile phones, including banking services.


=== '''Key challenges in the industry''' ===
Although the digital banking industry is rapidly growing, there are some substantial challenges in which the industry faces and must look to resolve or combat.
Although the digital banking industry is rapidly growing, there are some substantial challenges in which the industry faces and must look to resolve or combat.


* '''Lack of face to face customer support''' '''-''' Neobanks offer all their customer support services digitally and while this may be quick and imminent, it is inconvenient for consumers who prefer face-to-face interactions. Complex banking scenarios can be made easier with the involvement of a personal banker which can help consumers with their options and find solutions tailored to their needs, which is may be difficult through an online service.
* Lack of face to face customer support '''-''' Neobanks offer all their customer support services digitally and while this may be quick and imminent, it is inconvenient for consumers who prefer face-to-face interactions. Complex banking scenarios can be made easier with the involvement of a personal banker which can help consumers with their options and find solutions tailored to their needs, which is may be difficult through an online service.
* '''Cybersecurity''' - With digital banks operating completely online, they are vulnerable to fraud and cyber attacks. Fraud complaints against Starling, Revolut and Monzo have increased at a rate higher than customer growth, and higher than complaints at traditional banks. A neobank with poor security and customer protections would conceivably lose the public's trust and enormous business and revenue. Challenges such as account takeovers, chargeback fraud and loan fraud are all examples of criminal activity that digital banks are at risk from.
* cybersecurity - With digital banks operating completely online, they are vulnerable to fraud and cyber attacks. Fraud complaints against Starling, Revolut and Monzo have increased at a rate higher than customer growth, and higher than complaints at traditional banks. A neobank with poor security and customer protections would conceivably lose the public's trust and enormous business and revenue. Challenges such as account takeovers, chargeback fraud and loan fraud are all examples of criminal activity that digital banks are at risk from.
* '''Shifting banking habits''' - As a result of the pandemic, there has been a massive surge in online banking amongst traditional banks slowing down the leakage of consumers. While traditional banks offer services both in physical branches and now digitally, consumers will be less inclined to shift to neobanks unless they have a unique differentiating factor.
* Shifting banking habits - As a result of the pandemic, there has been a massive surge in online banking amongst traditional banks slowing down the leakage of consumers. While traditional banks offer services both in physical branches and now digitally, consumers will be less inclined to shift to neobanks unless they have a unique differentiating factor.
* '''Lack of knowledge among rural customers''' - Lack of knowledge among rural customers is indeed a key challenge in the expansion of neobanking. Despite the opportunities for greater financial inclusion, a variety of factors can create barriers for rural customers:
*# '''Digital Literacy:''' Many rural customers may not have the necessary digital skills to use neobanking services. They may not be familiar with how to use mobile apps, understand online security practices, or navigate digital banking platforms.
*# '''Access to Technology:''' Even if they are digitally literate, some rural customers may not have access to the necessary technology. They might not own a smartphone or have a reliable internet connection, both of which are crucial for accessing neobanking services.
*# '''Trust in Digital Platforms:''' Many rural customers are used to traditional banking methods and may be hesitant to trust digital platforms with their money. This is especially the case if they are not familiar with digital security measures.
*# '''Understanding of Financial Products:''' Financial literacy is another significant challenge. Rural customers might lack understanding of the various financial products and services offered by neobanks, making them less likely to take advantage of these services.
To overcome these challenges, neobanks can invest in initiatives aimed at enhancing digital and financial literacy. This could involve conducting workshops, offering online tutorials, or partnering with local organizations to provide training. Additionally, they can design their platforms to be as user-friendly and intuitive as possible, making them more accessible to users with varying levels of digital literacy.


Neobanks can also work to build trust with customers by implementing robust security measures and transparently communicating these measures to customers. They could provide resources to educate customers about online security and how they protect customer data.


=== '''Risk assessment of the industry''' ===
 
'''Risk assessment of the industry'''
 
Starling bank defines risk as any unexpected future event that could damage their ability to achieve strategic, financial or overall business objectives, including damage to earnings capacity, capital positioning, business reputation, cash flows, or poor customer outcomes.
Starling bank defines risk as any unexpected future event that could damage their ability to achieve strategic, financial or overall business objectives, including damage to earnings capacity, capital positioning, business reputation, cash flows, or poor customer outcomes.


The following are the important risks that have been identified:
The following are the important risks that have been identified:


* '''Operational risk''' - the risk of loss, whether direct or indirect, to which the bank is exposed due to insufficient or failed internal processes. They encompass the following sub-categories:
* Operational risk - the risk of loss, whether direct or indirect, to which the bank is exposed due to insufficient or failed internal processes. They encompass the following sub-categories:
** Internal fraud;
** internal fraud;                  
** People;
** People;
** Customers, Products & Business Practises;
** Customers, Products & Business Practises;
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Starling has a suite of operational risk policies in which they go over the identification, management and reporting of the risks associated with the identified sub-categories of operational risk.
Starling has a suite of operational risk policies in which they go over the identification, management and reporting of the risks associated with the identified sub-categories of operational risk.


* '''Credit risk''' - the risk of financial loss to a consumer's failure to repay a loan or failure to follow contractual obligations. The bank has corresponding strategies for the different credit risk types in order to manage them. The bank is exposed to Retail & Commercial Credit Risk, and Wholesale Credit Risk:
* Credit risk - the risk of financial loss to a consumer's failure to repay a loan or failure to follow contractual obligations. The bank has corresponding strategies for the different credit risk types in order to manage them. The bank is exposed to Retail & Commercial Credit Risk, and Wholesale Credit Risk.
** Retail and Commercial Credit Risk - this is the current or prospective risk of a customer of the bank not following their contractual obligations. This risk is associated with the lending facilities which Starling offers to its Mortgage, SME and retail customers.
** Retail and Commercial Credit Risk - this is the current or prospective risk of a customer of the bank not following their contractual obligations. This risk is associated with the lending facilities which Starling offers to its Mortgage, SME and retail customers.
** Wholesale credit risk - this arises from balance sheet management and investments in highly rated debt securities which are included within the High Quality liquid Asset portfolio. Starling does not try to heavily depend on any wholesale party to an extent in which a failure by that party would have a severe impact on the bank. Starling mitigates wholesale credit risk by operating within a limit framework set by the board.
** Wholesale credit risk - this arises from balance sheet management and investments in highly rated debt securities which are included within the High Quality liquid Asset portfolio. Starling does not try to heavily depend on any wholesale party to an extent in which a failure by that party would have a severe impact on the bank. Starling mitigates wholesale credit risk by operating within a limit framework set by the board.


* '''Liquidity Risk Management''' - this is the risk that starling, over a specific horizon, will become unstable to settle obligations when due. The primary causes of liquidity and funding risk for Starling are customer funding risk, in which the customer deposits balances fall, and the risk that Starling's liabilities do not grow as planned while assets grow faster than the business pla
* Liquidity Risk Management - this is the risk that starling, over a specific horizon, will become unstable to settle obligations when due. The primary causes of liquidity and funding risk for Starling are customer funding risk, in which the customer deposits balances fall, and the risk that Starling's liabilities do not grow as planned while assets grow faster than the business plan.
 
'''New projects being planned or developed'''
 
 
 
 
 


=== '''Industry Trends and Outlook''' ===
* '''Key Trends of digital banking industry'''
*# '''Digital transformation:''' Digital adoption in the banking industry is increasing as more consumers use online and mobile banking services due to the COVID-19 pandemic. As a result, banks have stepped up investment in digital infrastructure to meet this demand.
*# '''User Experience (UX):''' Digital banking focuses on improving the user experience by providing intuitive, easy-to-use interfaces and instant services to attract and retain customers.
*# '''Artificial intelligence and automation:''' Artificial intelligence (AI) and automation are increasingly being used in digital banking to improve customer service (via AI chatbots), fraud detection, risk management, and personalization.
*# '''Open Banking:''' Through the Open Banking api, customers can share their financial data with third-party providers to create personalized financial products and services. This is driving more collaboration and innovation within the industry.
*# '''Blockchain and cryptocurrencies:''' While still in its early stages, the use of blockchain technology for secure transactions and the integration of cryptocurrencies into banking services are potential growth areas.
*# '''5G Technology:''' The implementation of 5G networks was expected to greatly improve the speed and efficiency of digital banking services, including faster transactions, improved customer service, and enhanced capabilities for mobile banking apps.


* '''Future Outlook of digital banking industry'''
*# '''Increased competition:''' As traditional banks invest in digital transformation and tech companies such as Google and Apple enter the financial services industry, the digital banking market is expected to become more competitive.
*# '''Increased regulation:''' As digital banking becomes more popular, it is likely to attract more regulatory attention to ensure customer data protection and financial stability.
*# '''New business models:''' With the emergence of open banking, new banks and fintech companies are likely to transform from independent entities into platforms hosting a range of financial products and services.
*# '''Cybersecurity:''' With the increase in digital banking, cybersecurity is expected to become more important. Banks need to invest in advanced security measures to protect customer data and maintain trust.
*# '''Sustainable and inclusive banking:''' Digital banks are likely to focus more on socially responsible investment, green finance, and reaching out to the unbanked or unbanked.
*# '''Fintech as a Service:''' Similar to the concept of Bank as a Service (BaaS), Fintech as a service may be an upcoming trend where fintech functions are offered to traditional banks or other fintech companies in a modular, service-oriented manner.
*# '''Decentralized Finance (DeFi):''' DeFi aims to eliminate intermediaries in financial transactions using blockchain technology, and while still in its infancy, it could impact how financial transactions are conducted in the future.


* '''Key Trends of  neobanking industry'''
*# '''Growing user base:''' New banks are gaining popularity, especially among young, digitally savvy consumers who value convenience and user-friendly interfaces. The COVID-19 pandemic has further accelerated digital adoption in banking.
*# '''Artificial Intelligence and data-driven services:''' New banks are leveraging artificial intelligence and data analytics to personalize services and improve customer experiences. This includes personalized financial advice, budgeting tools, and predictive analytics.
*# '''Regulatory technology (RegTech):''' New banks use regulatory technology to ensure compliance with financial regulations. This could include automated reporting tools, authentication technologies, and fraud detection.
*# '''Collaborative approach:''' Many new banks have adopted a collaborative approach, forming partnerships with other fintech companies, technology providers and even traditional banks to provide a wider range of services.
*# '''Focus on underserved markets:''' Many new banks are focusing on markets that are traditionally underserved by traditional banks. This could include low-income consumers, small businesses, or gig economy workers.
* '''Future outlook of  neobanking industry'''
*# '''New Regulations:''' As the digital banking industry evolves, new regulations might be introduced that could impact neobanks' operations. For example, regulations related to data privacy, open banking, or digital currencies.
*# '''Resilience and Recovery Measures:''' Neobanks may need to focus on resilience and recovery measures to manage operational and financial risks, including cybersecurity threats and economic downturns.
*# '''Digital Currencies:''' With the rise of cryptocurrencies, some neobanks might start offering services related to digital currencies, such as trading, storage, or payment services.


=== '''<big>Planning & News</big>''' ===


# '''Starling plans to list on the public markets in the future but in 'no hurry' :''' The group reported a pre-tax profit of £195million for the year to the end of March, representing a six fold increase on the £32million reported last year. It is among the few UK digital banks that are profitable. However, Boden, the boss, said she said she was in 'no hurry' to launch an initial public offering because it was not a good a time for businesses to be going public.<ref>https://www.thisismoney.co.uk/money/markets/article-12124193/Starling-Bank-boss-steps-avoid-potential-conflict-interest.html</ref>
# '''Starling Bank boss Anne Boden stepping down as chief executive on 30th, June:''' The founder of Starling Bank will step down as chief executive next month due to concerns the top job conflicts with her position as part-owner of the bank. Ariane Vickman joins the fintech industry as Starling's head of public affairs from UK Finance, where she was most recently a principal of public affairs and public policy. She was a part of the pressure group and one of its predecessors, the British Banking Association, since 2015.<ref>https://www.efinancialcareers.com/news/2023/07/starling-bank-public-affairs-ariane-vickman</ref>
#






==== Ownership Structure '''of digital banking industry''' ====
==== Ownership Structure ====
Private limited companies include characteristics such as main private individuals involved in the business and financial institutions investing through issuance of private shares. Representative of this type, Starling Bank is partly owned by Anne Boden, the founder, Harry McPike, a global private investor, and then multiple financial institutions such as Goldman Sachs, Jupiter, Fidelity, Railpen, Qatar Investment Authority and Millennium Management.<ref>About Starling Bank - Starling Bank</ref>
Private limited companies include characteristics such as main private individuals involved in the business and financial institutions investing through issuance of private shares. Representative of this type, Starling Bank is partly owned by Anne Boden, the founder, Harry McPike, a global private investor, and then multiple financial institutions such as Goldman Sachs, Jupiter, Fidelity, Railpen, Qatar Investment Authority and Millennium Management.<ref>About Starling Bank - Starling Bank</ref>
{| class="wikitable"
|+
!Name
!Current Shares
!% of total shares
!Share Type
!Type
|-
|Jtc Starling Holdings Limited
|310,453,524
|27%
|Ordinary B
|Company
|-
|The Starling Fs Employee Benefit Trust
|116,490,698
|10%
|Ordinary A
|Other
|-
|Jtc Starling Holdings Limited
|111,903,794
|10%
|Ordinary C
|Company
|-
|Chrysalis Investments Limited
|101,821,636
|9%
|Ordinary C
|Company
|-
|Qatar Holding Llc
|77,224,213
|7%
|Ordinary D
|Company
|-
|Anne Elizabeth Boden
|56,861,845
|5%
|Ordinary
|Person
|-
|Railways Pension Trustee Company Limited
|47,110,580
|4%
|Ordinary D
|Company
|-
|Wsgg Holding S.a R.l.
|32,500,130
|3%
|Ordinary D
|Company
|-
|Qatar Holding Llc
|31,636,961
|3%
|Ordinary C
|Company
|-
|Chrysalis Investments Limited
|31,352,623
|3%
|Ordinary B
|Company
|}


=== Competitve Analysis ===
=== Competitve Analysis ===
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Positive Customer Experience: Starling Bank enjoys a positive reputation due to its excellent customer service, intuitive app design, and responsiveness to client feedback, fostering a loyal customer base.
Positive Customer Experience: Starling Bank enjoys a positive reputation due to its excellent customer service, intuitive app design, and responsiveness to client feedback, fostering a loyal customer base.


'''PESTLE Analysis'''
'''PESTLE Analysis'''
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* Anti-money laundering (AML) and Know Your Customer (KYC) regulations: Stringent adherence to AML and KYC practices is essential for Starling Bank to prevent fraudulent activities and maintain regulatory compliance.
* Anti-money laundering (AML) and Know Your Customer (KYC) regulations: Stringent adherence to AML and KYC practices is essential for Starling Bank to prevent fraudulent activities and maintain regulatory compliance.
* Environmental: Sustainability and green initiatives: Consumer preferences for environmentally responsible businesses may drive the demand for sustainable banking products or services. Starling Bank's commitment to eco-friendly practices could influence customer decisions.
* Environmental: Sustainability and green initiatives: Consumer preferences for environmentally responsible businesses may drive the demand for sustainable banking products or services. Starling Bank's commitment to eco-friendly practices could influence customer decisions.


== <big>Historical Financial Data</big> ==
== <big>Historical Financial Data</big> ==
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== Valuation ==
== Valuation ==
Starling Bank has raised a total of $1.1B in funding over 11 rounds. Their latest funding was raised on Apr 26, 2022 from a Series D round with a total of £130.5M raised. The pre-money valuation was £2.5B and the major investors included Goldman Sachs, Fidelity, Qatar Investment Authority and RPMI Railpen.


=== Discounted Cash Flow ===
=== Discounted Cash Flow ===
Using our analysis and the information from open sources, we came up with a potential valuation of nearly $8.4B in the next 5 years. This comes from the overall growth of the neobank industry, expansion of the geography and increased customer base. According to Stockhub's valuation, there is a potential upside.  
[[File:Screenshot 2023-07-28 at 00.18.50.png|left|thumb|791x791px|In the Discounted Cash Flow model we have used the following assumptions: Revenue forecast: Starling Bank, for the last 5 years has shown a very rapid growth in their revenue. However, we have decided that according to analyst forecasts, the banking, fintech and neobank industry growth will be slowing down as a whole. The terminal growth rate (TGR) was assumed to be 2% in-line with analyst consensus.
 
In the Discounted Cash Flow model we have used the following assumptions:  


* Revenue forecast: Starling Bank, for the last 5 years has shown a very rapid growth in their revenue. However, we have decided that according to analyst forecasts, the banking, fintech and neobank industry growth will be slowing down as a whole.
WACC: With the industry average for the cost of equity and the industry beta, we have assumed the WACC to be equal to 8%. Taxes, EBIT, D&A, CapEx: Were all assumed as a percentage of revenue and to be constant throughout the period of our forecast.  
* The terminal growth rate (TGR) was assumed to be 2% in-line with analyst consensus.
* WACC: With the industry average for the cost of equity and the industry beta, we have assumed the WACC to be equal to 8%.  
* Taxes, EBIT, D&A, CapEx: Were all assumed as a percentage of revenue and to be constant throughout the period of our forecast.


[[File:Screenshot 2023-07-28 at 00.18.50.png|left|thumb|791x791px]]
]]






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