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The worlds largest, least regulated bank
You’re probably already a member and don’t know it
How many financial apps do you have on your phone? Three or 4? I bet you there’s one you’re skipping over, because you have no idea that this company has secretly become the world’s most powerful and favorited bank.
Starbucks stores average over 500 customers per day, a growing number according to Business Insider. What does this have to do with finance? Ask a Starbucks rewards member, how do they pay for their coffee?
The Starbucks app is a fintech application and Starbucks as a company is a bank. When a user loads money onto their Starbucks app, they are storing their money into the ‘bank’ of Starbucks. In 2019, the app held over $1.5 billion in balances. Unlike a traditional bank, there is absolutely no regulation and Starbucks can use that money however and whenever they want, before it’s even used to purchase coffee.
In 2018, Starbucks was the most used app for payments, even more popular than Apple and Google pay.
With so much money coming in and total freedom on how to use it, this is essentially an interest-free loan gifted by the masses to…
