No idea, maybe it has something to do with when they submitted their application.
Pool A was for banks with business accounts - “To facilitate the development of more advanced business current account offerings and ancillary product sets by banks with existing and substantive business current account capability”
Pool B was for banks to develop business accounts if they didn’t have one - “To facilitate the modernisation of existing business current account offerings or (in the case of eligible bodies without existing business current account offerings) the development of new propositions”
Pool A had 3 awards 120, 100 and £60m
Pool B has 3 awards 50 and 2x £15m
Starling were on the front foot with this pushing out their business accounts quickly with Monzo perhaps playing catch up ?
Yup - I think this is a fair comment.
We discovered we could actually launch a very alpha business account really quickly so perhaps we didn’t push ourselves hard enough in that respect and settled for “second best” (applying to Pool B) too early
We’re now trying super hard to not fall into that trap again! The businesses we’ve on-boarded so far (~ 100) are providing loads of useful feedback which we can iterate
shame the monies reduce so much from pool A to pool B
Also a bit curious. Surely in some ways the pool B business need more of a hand up?
Isn’t there a catch 22 here, where you could push yourself for an Alpha but risk burnout and end up with a below par product that needs to be redone and therefore waste time.
Yup, but I think that’s where the risk vs reward comes in I don’t think we’d launch something that wasn’t up to standard so the main “risk” is we’d have put a huge amount of effort in to get something across the line and missed the boat anyway.
What I mean more rather than “below par” I mean something that would just squeak through the criteria and be a MMVP ( most minimal viable product). As as an expanding business it would be difficult to pass up a top prize of £120million. But theoretically with more time and more user feedback the product should theoretically be better than if you first entered