Starling Discussion: Part 2

It’s at the bottom of the Q1 trading update.


The accounts number doesn’t match either.

Looks like the accountants and the graphics guys have different data!


Over different periods, as Dan says below

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Ahh interesting. The report covers upto 31st March, and the stat you linked upto end of June, so I suspect average deposits have risen over the past few months.


overall these are great results for Starling. They’ve been very fast moving and innovative in the last few years and they have the financial results to show for it. Good on them.


Also, to be pedantic they’re both ‘over’ figures.

So, over 2,000 per month is ALSO over 1,800 per month so both are correct. Although, over 1,800 does imply an average of between 1,800 and 1,900 which was probably the case during that time period…


Will be interesting to compare Starling’s pandemic with Monzo’s. Two very different approaches to staying afloat.


It will include some self-employed, so a chunk of that will be going on to HMRC. If they’re including many people (like me) who move in and out of external savings accounts all the time, then I’m surprised it’s not higher

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Most SME :relieved:

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I shared this internally but thought I may as well share it here as well. Here’s my summary of Starling’s lending (I work in borrowing so this is what I was most interested in):

Retail lending

  • £55.5 million of forward flow retail lending - This is lending they do by financing Zopa loans.
  • £20.2 million of overdraft and loan lending to their own customers - They don’t split this out.
  • £71 million of undrawn overdraft facilities to their own customers.

SME lending

  • £1,591 million of 100% government backed lending - This is zero credit risk lending that they’ve done as part of the COVID bounce back loan scheme, £32 million of this was through forward flow financing of Funding Circle loans.
  • £595 million of 80% government backed lending - This is almost zero credit risk lending that they’ve also done as part of the COVID bounce back loan scheme, £582 million of this was through forward flow financing of Funding Circle loans.
  • ~£230k of overdraft and loan lending to their own customers.

They’re currently making ~£7 million per month in Net Interest Income of which (I had to approximate these):

  • ~£1 million is from cash at the BoE and debt securities ( This is a treasury activity rather than lending )
  • ~£1 million is from retail lending.
  • ~£5 million is from government backed SME lending.

Not necessarily “analysis” but yes - we’ve compared some of our numbers here as well as things like card transactions per month - but afraid I’m not going to share the comparison numbers :slight_smile:


Sorry if that’s the case.

For what it’s worth - It’s super exciting to see a fellow challenger bank doing well! IMO it’s only a good thing for Monzo and the industry.

Internally we’ve never seen the Monzo vs Starling rivalry as a thing (even if that’s how the story sometimes gets painted) - it’s always been “challenger banks” vs “legacy banks” if anything!


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There was no real commentary. There was a breakdown/explanation of the figures.


I thought it was just someone with insight helping out us mere layman who don’t understand the inner workings of financial lending.

From what I can see, what he’s presented is all fact? Not a “This will go wrong for them” assessment and even explains that some of it is zero risk, which is great for Starling and if you were being negative, would have left this bit out?


I don’t personally see how it could look like that. I feel like you are trying to read a subtext that isn’t there?

It’s a factual analysis and the results pulled out are very positive.


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For what it’s worth, I’m not seeing any criticism of Starling from a post that’s simply laying out the facts and figures. It may be tempting to infer bias where none is implied, but probably isn’t a good idea to do so (for similar reasons to not replying to an imagined tone of voice).


This is a good analysis. Have to say they did an awesome job on getting it on those government backed schemes and that seems to be what is fuelling them right now. I do wonder what happens long term as they aren’t repeateable, but as a shorter term injection of income it’s solid. And at almost no risk!

I’m going to guess their other retail lending is similar to or a bit less than Monzos, but let’s see


Fair enough, sorry if I offended anyone. I guess I just tend to look at things in this thread with even more cynicism than usual as the thread sometimes was the place for (undeserved) Starling bashing and downplaying of achievements

Sorry again


I don’t think there’s any need for an apology - you just got caught in the crossfire.

And apologies if you felt that I was aiming anything at you (my “you” was meant in the general sense, but I can see how that might not have been clear).