STARBUCKS HAS A BANK : EXPLAINED

 

What if I told you Starbucks has a bank with total deposits of $1.5 billion all over the world.

The Story

Back in 2008-09 Starbucks were going through a hard path with almost becoming a Bankrupted, like every other company. So the board decided to re-appoint Howard Schultz as its CEO. Long before in 1982-2000 Schultz was the CEO of Starbucks. After getting re-appointed there was great plans of getting Starbucks back with few drastic changes.

 

One among that was the Starbucks Reward System, where you could deposit your money by credit or debit card with the help of the Starbucks app and use that to pay your coffee bill which is considered faster and also will be rewarded with few points. These points can be used to get free drinks and cashbacks.

Over a period of time Starbucks popular app started getting 45% of the customer usage for payments with almost over $1.5 billion lying with Starbucks unused as digital money. This money was used for investing in ventures for more profits.

85% of the banks in USA has assets less then $1 billion, them imagine how big is this Starbuck app. This genius move made international banks worried about the future potential.

Comment below should Starbucks get into banking sector on not.

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Team Frenzied