Leading a startup is hard. With the pandemic looming over our heads, having a purpose-driven startup when the economy has shut down seems completely impossible. However, some have come up unscathed and have capitalized on their strengths and adapted quickly to the ever-changing global market. What do you think made them successful? What pieces of the puzzle were they able to put together to scale that other startups just could not? Let us dive in and find out.
1. Starling Bank
Funding received: $363 million
We will start with Starling Bank, which is primarily based in the United Kingdom. Considered one of the top challengers in the banking sector, it is carving a name for itself in the industry. A large part of their success could be credited to the fact that they were disruptors. This award-winning app allows you to access your everyday banking requirements with a click of a button. They launched U.K.’s first digital bank account in 2018. So what are some of its main features? And why is it becoming so popular in the U.K.?
One of the primary reasons it is breaking boundaries is its convenience. You can set up your bank account in minutes. You can access your account via mobile or desktop. It allows you to borrow money faster, better with a personalized loan service that is straightforward to use. If your card goes missing, you can lock your account in-app temporarily while you look for it. It provides you with fast and secure money transfers worldwide. In addition to basic fast banking, it also provides you with insights on how you spend to better budget yourself for the future. Their ‘technology banking’ is what has driven so many customers to access this software. They work with other providers to provide financial services to their customers and together, as a financial community satisfies customer needs. They are the best current account providers. The apps other features are facilitated by other service providers linked together with API.
In 2020, they have 1.6 million customer accounts, which is fewer than their rivals. However, it is the only company amongst competitors that is going to break even by the end of the year. Their customer base is usually older, around the age of 37, with higher account balances. They tend to spend…