Competitor Update 2

Estimates I saw from other sources showed their forum users may be around 2.3-2.7% with accounts in range of 26-29,000

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Out of interest, which other sources?

Marta’s calculations make sense to me. But 29k users doesn’t sound unrealistic to me & it would be good if there’s more reliable sources to refer to..

A guy called David something I met at a fintech meeting in Berlin recently. He showed me Tandem, Revolut and Starling estimates but would not let me photo them :frowning:

Not sure who he works for. It maybe a market research organization or one of their competitors? N26?

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Anyone know how long they’ve had a black card? Seems a tad pricey but none the less offers some fairly appealing features.

They only offer the Black card in some countries (like Germany) but not others. Why in some you can only get a regular card I do not know

Here’s a couple of updates on Starling from this article from CNBC today.

As Ed suggested earlier -

“We announced that we had our license to go into Ireland some weeks ago, back in June. And that means that we can then work on our multi-currency accounts. So you’ll be seeing accounts in multiple currencies from us very soon.”

also

Starling Bank employs only 110 people

which makes them roughly the same size as Monzo, except with fewer members of their support team, as they’re not needed yet since Starling has far fewer users.

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Now where have is seen this before :eyes:

Barclays customers can now ask Siri to make payments for them

https://www.engadget.com/2017/08/21/barclays-app-siri-payments

“Barclays boasts it’s the first UK high street bank to enable Siri payments.”

Ermmmm really?

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I guess Barclays is correct in that, just not the first UK Bank

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Here’s the details on Revolut’s plans to enable users to buy, then store & exchange cryptocurrencies with their 16 supported fiat currencies, in the app.

Expanding their offering as the provider of choice, for anyone who needs to manage foreign currencies.

Shame they don’t know what fungible means, and no private keys nor transfer of crypto in or out?

Doesn’t bode well at all, but I’m not surprised with revolut, they generally manage to mess up a good idea.

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While PayPal’s Xoom product is not yet in the UK, those interested in US developments may be interested to know they increased transfer limits today to $10,000

Here’s a summary of Starling’s financial report for last year -

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A startup paying 31 employees £3.2 million? Is that the norm?

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The highest paid director only made £172,880. Be interesting to know where the other wages went.

Maybe share are included in the £3m number?

Maybe it went on that purple handbag they were so proud of buying :joy::rofl:

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The true cost of that employee would be in the region of £280k. That’s without taking into account IT costs, Software, Rent, Rates, Maintenance, Utilities, and any benefits they may offer.
In theory they can add all of those to employment costs because they can’t employ people without all of those things.

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for anybody interested enough to download the link to see how Starling arrived at last years figures - Starling don’t generally publish their figures -

https://beta.companieshouse.gov.uk/company/09092149/filing-history

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It’s still too early to draw any meaningful comparisons out, next years accounts (showing the position as at 30th November 2017) should be much more revealing as the company will have been running a full service bank open for people to signup to for several months at that point.

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indeed it will be interesting to see 2017 company accounts under liabilities on page 15 the increase in customer deposits from £1800 to give some sort of clue as to customer numbers :slight_smile: