Starling Bank has been topped the UK’s most progressive FinTech after securing backing from each a high-profile judging panel and our readers.
The digital bank was No.1 on the 100 FinTech Disrupters rating for 2020 forward of all-your-cards-in-one banking app Curve and Currensea, a debit card for abroad funds.
With 1.6 million accounts, Starling has fewer prospects than its fellow London-based neobanks Revolut and Monzo however, not like its rivals, is closing on breaking even by the tip of the 12 months.
Its technique of on-boarding high-value prospects appears to be paying off because it eyes a path to profitability. It was additionally the one one of many ‘big three’ to not furlough any workers when COVID-19 hit.
100 FinTech Disrupters
“Starling has an established SME bank and toolkit and we have done more than £1 billion of lending. This puts us on a path to profitability and means we expect to break even by December 2020. We do not just rely on interchange,” founder and CEO Anne Boden informed BusinessCloud.
“Additionally, our buyer base is older, with a median age of 37, extra mature than at different digital banks.
“At £3.3bn, our deposit base is significantly higher than other digital banks in the UK, even though we have fewer customers. Our customers hold much higher average balances, suggesting that more of them use us as their primary bank account.”
Revolut, which has 13m prospects, was fourth on the rating. It lately introduced a trebling of income in 2019, however losses additionally trebled.
Monzo, which dropped to 30th within the rating, expressed doubts about persevering with as a going concern after losses doubled.
New challenger Chetwood Monetary, a digital bank primarily based in Wrexham, cracked the highest 20. Fellow Welsh agency QuoteOnSite, which offers quote and proposal administration software program, additionally made the rating.
Monetary recommendation app Snoop, headquartered in Norwich with a base in London Victoria, made the highest 5, forward of reverse insurance coverage public sale website Honcho (Durham), Samuel & Co. Buying and selling (Watford), ClearBank (London) and Countingup (London).
Ordo, which allows real-time bank transfers and bill monitoring, made it seven London companies within the prime 10.
Compliance and fraud detection tech agency Cybertonica additionally featured.
BusinessCloud known as on its readers to vote for corporations from a 248-strong shortlist and noticed 5,000 votes pour in.
A mix of those votes and decisions from an knowledgeable judging panel decided the highest 50.
The judging panel was comprised of:
- Hugo Rousseau, monetary companies programme chief, techUK
- Kristy Duncan, founder & CEO, Girls in Funds
- David Brear, CEO, 11:FS
- Daybreak Dunn, cluster supervisor for FinTech/information, Dynamo
- Steve Chown, FinTech accelerator supervisor, NatWest
- Tribeni Chougule, head of change administration, Visa
- Julian Wells, director, Whitecap Consulting, FinTech North & FinTech West
- Linda Saye, international head, Rise Up
- Gavin Brown, senior lecturer in monetary expertise, College of Liverpool
- Jonathan Symcox, editor, BusinessCloud
The complete rating with prolonged profiles will function within the Q3 print version of BusinessCloud, out early subsequent month. Subscribe without cost right here.
100 FinTech Disrupters