8.6 C
New York
Wednesday, May 31, 2023
Home Challanger banks The Great British Bounceback: research from Enterprise Nation and Starling Bank

The Great British Bounceback: research from Enterprise Nation and Starling Bank

Two-thirds of SME’s are confident of increased turnover in 2022, Enterprise Nation and Starling Bank report in new research.

Read also: Revolut announced the acquisition of the ePOS Nobly POS system

This research from Enterprise Nation and Starling Bank has brought up that while 40% of businesses are yet to bounce back, more (43%) say they are recovering and just 5% are concerned they won’t reach pre-pandemic performance.

About 810,000 new enterprises were founded in the UK between March 2020 and March 2021.

This makes it the biggest year for creation on record, according to data from Companies House.

However, the rate of business failure was high during the period, with 437,790 businesses having to shut their doors. Still, in Q1 2021 alone, 211,368 new businesses were registered with Companies House.

Majority (65%) of those surveyed predict that 2022 will be a year of strong performance.

Even with continuing labour shortages, supply chain issues and rising material costs creating a challenging business environment, only 3% of small businesses report that they aren’t resilient.

In fact, two thirds (65%) are optimistic for 2022, with the same amount confident they’ll increase their turnover.

Starling shows confidence in its own field as well. Just recently, Starling Bank has reportedly decided to buy another mortgage book for an estimated price of £1 billion.

Anne Boden, Starling CEO, has written in a foreword in Banking On It, Starling that she no longer sees fellow startups like Monzo as her chief rivals, but the UK’s largest incumbent banks.

“The extraordinary experiences of the year 2020 made it clearer than ever that our competitors are now Lloyds, Barclays et al,” she wrote.

Barclays, which she said has around a 15% share of the market, is “now firmly in our sights”.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Unveiling the Limits of Bank Disruptors: Analyzing Chime’s Slowdown

This blog explores the Chime slowdown and how it highlights the challenges faced by these emerging financial disruptors.

Unleashing the Power of ChatGPT and Open Banking: A Paradigm Shift in Technology and Finance

In this blog post, we will explore the profound impact of ChatGPT and Open Banking, highlighting their potential and discussing the implications for businesses and individuals alike.

Onyx Private Affluent Bank: Redefining FinTech Excellence for High-Net-Worth Individuals

In this blog post, we will delve into the key features and services offered by Onyx Private Affluent Bank and explore how it is transforming the fintech landscape.

European Banks Collaborate with Bitpanda and Coinbase to Bring Crypto to Customers

By leveraging Bitpanda Technology Solutions, a business-to-business infrastructure layer provider, Coinbase aims to connect directly with banks and fintech companies across Europe.