Starling Bank: Difference between revisions
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Tracy Clarke was appointed to the position in May 2021. She has extensive international banking and financial services experience, having spent 35 years at Standard Chartered Bank. Her roles spanned leadership, compliance, human resources, corporate affairs, brand, and marketing. She eventually reached the position of Chief Executive Officer for Europe and Americas and Global Chief Executive Officer for Private Banking. Clarke holds directorships in TP ICAP, England Netball, and Acin, and she chairs SchoolOnline, an online learning platform. Additionally, she serves as a director and chair of the board remuneration committee, and a member of the board audit committee for Haleon, a consumer healthcare company. | Tracy Clarke was appointed to the position in May 2021. She has extensive international banking and financial services experience, having spent 35 years at Standard Chartered Bank. Her roles spanned leadership, compliance, human resources, corporate affairs, brand, and marketing. She eventually reached the position of Chief Executive Officer for Europe and Americas and Global Chief Executive Officer for Private Banking. Clarke holds directorships in TP ICAP, England Netball, and Acin, and she chairs SchoolOnline, an online learning platform. Additionally, she serves as a director and chair of the board remuneration committee, and a member of the board audit committee for Haleon, a consumer healthcare company. | ||
'''Independent Non-Executive | '''Independent Non-Executive Director''' | ||
[[File:Carolyne Clarke.png|left|thumb|200x200px|Carolyn Clarke, Independent Non-Executive Director of Starling Bank<ref>https://events.icaew.com/pd/20424/climate-change-and-tcfd-the-role-of-internal-audit</ref>]] | [[File:Carolyne Clarke.png|left|thumb|200x200px|Carolyn Clarke, Independent Non-Executive Director of Starling Bank<ref>https://events.icaew.com/pd/20424/climate-change-and-tcfd-the-role-of-internal-audit</ref>]] | ||
'''Carolyn Clarke''' | '''Carolyn Clarke''' | ||
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'''Independent Non-Executive Director''' | |||
[[File:F Galaria.jpg|left|thumb|224x224px|Faisal Galaria, Independent Non-Executive Director of Starling Bank<ref>Board of Directors - Starling Bank</ref>]] | [[File:F Galaria.jpg|left|thumb|224x224px|Faisal Galaria, Independent Non-Executive Director of Starling Bank<ref>Board of Directors - Starling Bank</ref>]] | ||
'''Faisal Galaria''' | '''Faisal Galaria''' | ||
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'''Independent Non-Executive Director''' | |||
[[File:Ian Jenkins.png|left|thumb|225x225px|Ian Jenkins, Independent Non-Executive Director of Starling Bank<ref>Board of Directors - Starling Bank</ref>]] | [[File:Ian Jenkins.png|left|thumb|225x225px|Ian Jenkins, Independent Non-Executive Director of Starling Bank<ref>Board of Directors - Starling Bank</ref>]] | ||
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Ian Jenkins was appointed a director in October 2021. He has more than 35 years of experience in banking and financial services, with roles as a chief financial officer, chief risk officer, and chief operating officer at various institutions, including Diem Networks, HSBC, Santander, and Credit Suisse. As a chartered accountant, he offers diverse expertise in finance, risk, operations, and strategy to the Board. Furthermore, he is a member of the Board Audit Committee and the Board Risk Committee. | Ian Jenkins was appointed a director in October 2021. He has more than 35 years of experience in banking and financial services, with roles as a chief financial officer, chief risk officer, and chief operating officer at various institutions, including Diem Networks, HSBC, Santander, and Credit Suisse. As a chartered accountant, he offers diverse expertise in finance, risk, operations, and strategy to the Board. Furthermore, he is a member of the Board Audit Committee and the Board Risk Committee. | ||
'''Independent Non-Executive Director''' | |||
[[File:Marian Martin.png|left|thumb|225x225px|Marian Martin, Independent Non-Executive Director of Starling Bank<ref>Board of Directors - Starling Bank</ref>]] | [[File:Marian Martin.png|left|thumb|225x225px|Marian Martin, Independent Non-Executive Director of Starling Bank<ref>Board of Directors - Starling Bank</ref>]] | ||
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'''Non-Executive | '''Non-Executive Director''' | ||
[[File:Lazaro Campos .png|left|thumb|225x225px|Lázaro Campos, Non-Executive Director of Starling Bank<ref>Board of Directors - Starling Bank</ref>]] | [[File:Lazaro Campos .png|left|thumb|225x225px|Lázaro Campos, Non-Executive Director of Starling Bank<ref>Board of Directors - Starling Bank</ref>]] | ||
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'''Non-Executive Director''' | |||
[[File:Marcus Traill.png|left|thumb|225x225px|Marcus Traill, Executive Director of Starling Bank<ref>Board of Directors - Starling Bank</ref>]] | [[File:Marcus Traill.png|left|thumb|225x225px|Marcus Traill, Executive Director of Starling Bank<ref>Board of Directors - Starling Bank</ref>]] | ||
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'''Chief Financial Officer''' | '''Chief Financial Officer''' | ||
[[File: | [[File:D Ferguson.jpg|left|thumb|225x225px|Declan Ferguson, Chief Financial Officer of Starling Bank<ref>Board of Directors - Starling Bank</ref>]] | ||
Revision as of 22:01, 22 July 2023
| Type | Private |
|---|---|
| Industry | Financial Services |
| Founded | 18/6/2014 |
| Founders | Anne Boden |
Key people | John Mountain - Interim CEO |
| Revenue | +£452.8m (2023) |
| £194.6m (2023) | |
| Website | https://www.starlingbank.com/ |
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” [1].
The main mission of Starling Bank is to provide a user-friendly, customer-focused, and technologically advanced banking experience. They aim to empower individuals and businesses with innovative financial solutions, giving them more control over their money and helping them achieve their financial goals.
The vision of Starling Bank is to be a leading digital bank that revolutionizes the way people manage their money. They strive to create a seamless and personalized banking experience through cutting-edge technology, responsive customer service, and a commitment to transparency.
Starling Bank's values are centred around putting the customer first and fostering a positive banking experience. Main emphasis on transparency, accessibility, sustainability and gender equality[2].
History
Starling Bank was founded by Anne Boden, a former executive at Allied Irish Banks [3] with the aim of creating a modern, customer-centric banking experience. The bank received its banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in July 2016 [4]. In May 2017, the bank launched its first mobile-only personal account, offering features such as real-time notifications and spending insights.
What are the main offerings of the company?
Starling Bank is best known for its advanced mobile app, which provides customers with easy access to their financial information and allows them to manage their accounts seamlessly. Some key features and services offered by Starling Bank include:
| Offering Features | Comment(s) |
|---|---|
| Current Accounts | Offers personal and business current accounts with no monthly fees. Customers can make payments, set up direct debits, and use their debit card for purchases worldwide. |
| Overdraft Facility | Eligible customers can apply for an overdraft, with clear and transparent interest rates. |
| Personal Loans | The bank provides personal loan options to its customers, making it easier for them to access credit. |
| Savings Accounts | Starling Bank offers savings accounts, helping customers save money and earn interest on their balances. |
| Spending Insights | The mobile app provides detailed insights into spending habits, categorizing transactions and helping customers understand their financial behavior. |
| Foreign Currency Accounts | Customers can hold and spend money in various foreign currencies using Starling Bank's app, making it convenient for travelers. |
| Business Accounts | In addition to personal accounts, Starling Bank provides tailored business accounts with features such as invoicing and integration with accounting software. |
| Payments and Transfers | Customers can make domestic and international payments and transfers using the app, including support for Apple Pay, Google Pay, and Samsung Pay. |
| Partnerships | Starling Bank has collaborated with various fintech partners to enhance its offerings, including providing access to investment products and mortgage solutions. Partmers include Weathlify[link?], CreditLadder[ref?] and Anorak[ref?] |
Technology and Security
Starling Bank relies heavily on cutting-edge technology to provide its digital banking services. The bank employs industry-standard security measures, such as data encryption and biometric authentication, to protect customer information and ensure secure transactions.
Recognition and Awards
Starling Bank's commitment to innovation and customer service has earned it several accolades and awards within the fintech industry. Notable awards include being named 'Best British Bank' at the British Bank Awards multiple times and 'Best Current Account Provider' by the British Banking Awards.
Marketing and Partnerships
As an online bank, Starling engages the audience through social media platforms such as Twitter and tiktok. Advertisements are posted on TV, radio, podcasts and public transports. Partnerships and Sponsorship such as Archery GB national finals, UEFA Women's EURO 2022, and Trillion Trees also further increase the company's brand awareness.
Innovations
As it is the first digital-only bank in the UK, all infrastructure are virtual and therefore solutions have to be implemented for normal services to function such as:
- First digital bank to join current account switch service.
- First digital-only bank to join Faster Payments
- First to implement in-app provisioning
- Implementation of Spending insights
Main Income
Interest Payments are the main source of income for Starling Bank[5]
Expansion and International Presence
Currently, Starling Bank current holds 9.4%[5] and 2.4%[5] in SME and retail market share respectively. While Starling Bank initially focused on the UK market, it has expressed intentions to expand its services to other countries. In 2020, it launched a beta version of its banking app in Ireland, marking its first step towards international expansion.
Funding rounds
Starling bank has had over 10 funding rounds, having raised an amount of $1.1 billion.[6] The fundings are displayed in the table below, with the most recent one being on April 26th, 2022, raising £130.5 million by lead investor Goldman Sachs.
| Date | Transaction | Money Raised (£ millions) | Lead Investor |
|---|---|---|---|
| 26/04/2022 | Series D | 130.5 | Goldman Sachs |
| 19/04/2021 | Series D | 50 | Goldman Sachs |
| 8/03/2021 | Series D | 272 | Fidelity Management and Research Company |
| 28/05/2020 | Venture Round | 44.3 | Chrysalis Investments, JTC |
| 10/02/2020 | Venture Round | 60 | - |
| 23/10/2019 | Venture Round | 30 | Chrysalis Investments |
| 27/03/2019 | Non Equity Assistance | - | Future Fifty |
| 22/02/2019 | Grant | 100 | Capability and Innovation Fund |
| 13/02/2019 | Series C | 75 | Harald McPike, Merian Global Investors |
| 24/04/2018 | Series B | 10 | - |
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.[7]
Customer Overview
Corporate governance
Starling Bank is governed by the Board, which is comprised by executive and non-executive directors. The Board is responsible for setting the strategies and decision-making in regard to the stakeholders interests, and also ensuring the company's evolving in alignment with its goals and values.
Chair of the Board
David Sproul
David Sproul was appointed chair of the board in June 2021. He has over 30 years of leadership experience in the financial and professional services sectors. He is skilled in strategy, risk management, M&A, and organizational transformation. Sproul served as Global Deputy Chief Executive of Deloitte, preceded by an 8-year term as Chief Executive & Senior Partner of Deloitte UK and North West Europe. He led the firm's global expansion and worked towards a more inclusive culture. Currently, he holds positions as a director of Safanad and BusinessLDN, and he is a senior adviser to Bridgepoint Group.
Senior Independent Director
Tracy Clarke
Tracy Clarke was appointed to the position in May 2021. She has extensive international banking and financial services experience, having spent 35 years at Standard Chartered Bank. Her roles spanned leadership, compliance, human resources, corporate affairs, brand, and marketing. She eventually reached the position of Chief Executive Officer for Europe and Americas and Global Chief Executive Officer for Private Banking. Clarke holds directorships in TP ICAP, England Netball, and Acin, and she chairs SchoolOnline, an online learning platform. Additionally, she serves as a director and chair of the board remuneration committee, and a member of the board audit committee for Haleon, a consumer healthcare company.
Independent Non-Executive Director
Carolyn Clarke
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.
Independent Non-Executive Director
Faisal Galaria
Faisal Galaria was appointed in June 2022, possessing over 25 years of experience leading teams in global consumer technology companies such as Spotify, Kayak, and Skype. He is well-versed in strategy, international growth, and digital transformation and has played a significant role in tech and Web3 IPOs in the UK and the US. In 2022, Galaria stepped down as the Chief Executive Officer of Blippar, one of the UK's first tech unicorns. He has also served as Senior Partner at Alvarez & Marsal, leading the Digital and Media practices across EMEA. Currently, he sits on the advisory board of Imperial College Business School.
Independent Non-Executive Director
Ian Jenkins
Ian Jenkins was appointed a director in October 2021. He has more than 35 years of experience in banking and financial services, with roles as a chief financial officer, chief risk officer, and chief operating officer at various institutions, including Diem Networks, HSBC, Santander, and Credit Suisse. As a chartered accountant, he offers diverse expertise in finance, risk, operations, and strategy to the Board. Furthermore, he is a member of the Board Audit Committee and the Board Risk Committee.
Independent Non-Executive Director
Marian Martin
Marian Martin was appointed a director in June 2019. She is a chartered accountant specializing in risk management. She served as the Chief Risk Officer of Virgin Money during a phase of substantial growth and strategic development, which included the company's listing on the London Stock Exchange. Apart from her current role at Starling, Martin holds non-executive director positions as the chair of the Board Risk Committee at Castle Trust and the chair of the Board Audit and Risk Committee at PPRO Holding.
Non-Executive Director
Lázaro Campos
Lázaro Campos was appointed a director in June 2018. He is an experienced fintech investor and entrepreneur with over 30 years of global finance expertise. Previously, he held the position of Chief Executive Officer at SWIFT, leading its transformation into a commercially driven, innovative, and customer-centric cooperative until 2012. Additionally, Campos co-founded FinTechStage, a company focused on creating innovative ecosystems for global financial services organizations. Finally, he is a member of the Board Remuneration Committee and the Board Nomination Committee.
Non-Executive Director
Marcus Traill
Marcus Traill is a director since December 2015. He started as an analyst at Bank of New Zealand and Owens Group. Later, he joined McPike Global Family Office (MGFO) and QuantRes, co-leading the Private Investments division of MGFO and contributing to various financial market quantitative trading strategies at QuantRes. He also managed the group's operations. Currently, Traill is a partner at Altered Capital, a venture capital and private equity fund manager. He is additionally a member of the Board Risk Committee, the Board Audit Committee and the Board Remuneration Committee.
Chief Executive Officer
Anne Boden MBE
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.
Chief Financial Officer
Declan Ferguson
Declan Ferguson became a part of Starling Bank in 2017 and was appointed to the role of Chief Financial Officer in 2022. In this capacity, he oversees the Bank's financial operations, including capital and liquidity management. Additionally, Declan handles strategic and corporate development, capital raising, and long-term financial and business planning for the Bank. Before joining Starling, he received training as a chartered accountant at PwC, where he led engagements related to turnaround, restructuring, and sale of European banks, as well as large loan portfolios and credit-related transactions involving UK and European banks.
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.[18]
References
- ↑ https://www.starlingbank.com/about/awards/
- ↑ https://www.starlingbank.com/about/responsible-banking-our-values/
- ↑ https://www.weforum.org/people/anne-boden/
- ↑ https://www.starlingbank.com/news/starling-bank-receives-banking-licence/
- ↑ 5.0 5.1 5.2 https://www.starlingbank.com/docs/annual-reports/Starling-Bank-Annual-Report-2023.pdf
- ↑ Starling Bank - Funding, Financials, Valuation & Investors (crunchbase.com)
- ↑ Starling-Bank-Annual-Report-2023.pdf (starlingbank.com)
- ↑ https://www.telegraph.co.uk/business/2021/07/16/starling-bank-picks-former-deloitte-chief-chairman/
- ↑ https://www.sc.com/uk/insights/what-makes-a-great-leader-2/
- ↑ https://events.icaew.com/pd/20424/climate-change-and-tcfd-the-role-of-internal-audit
- ↑ Board of Directors - Starling Bank
- ↑ Board of Directors - Starling Bank
- ↑ Board of Directors - Starling Bank
- ↑ Board of Directors - Starling Bank
- ↑ Board of Directors - Starling Bank
- ↑ Starling-Bank-Annual-Report-2023.pdf (starlingbank.com)
- ↑ Board of Directors - Starling Bank
- ↑ About Starling Bank - Starling Bank