This is a really good interview with Tom.
Today, the venture boasts more than 600,000 customers, with 60,000 new sign-ups each month.
Our average customer opens the app 12 times a week, which is almost twice a day.
Barclays launched ‘freeze your card’ very recently, which is fine. There is a saying in ice hockey: ‘You’ve got to skate where the puck is going’. If you skate at the puck, it will have moved so far ahead by the time you get there that you’ll have missed it. Banks are looking at us. We are the puck.
If you talk to a rich investment banker, they don’t get it. They want their cashback and their Avios points. This is for people on a normal salary, living a normal life. Our service is relevant to 90pc of the population. It’s not for the 1pc. If you have a private bank account at Coutts, then fine, stick with it.
There seem to be a lot of banking start-ups in the UK, right now…
In the UK consumer space, there is only Starling and us.
The increased press awareness of us all helps us all, but I don’t feel like we’re in competition with each other, I think we’re in competition with RBS.
We’ll pass 1 million customers this year.