Starbucks doesn’t offer bank accounts, but people are storing more of their money with the coffee chain than they are at some banks, according to a new analysis.
cards or its mobile app, which now have a total $1.2 billion loaded onto them for future lattes or snack purchases, according to a Wall Street Journal analysis of “Where Money Lives.”
That’s more than many banks have in deposits, including First Commonwealth Financial Corp. FST COMWLTH FINL
and Charles Schwab CHARLES SCHWAB
, according to the data, which came from S&P Global Market Intelligence.
Still, Starbucks is holding far less of customers’ money than larger banks and financial institutions such as Bank of America BANK OF AMERICA CORP.
, the leader in deposits with more than $427 billion, Wells Fargo WELLS FARGO & COMPANY
($67.8 billion in deposits) and American Express AMERICAN EXPRESS COMPANY
(which has $3.3 billion in customers’ funds loaded onto prepaid debit cards). Even PayPal PAYPAL HOLDINGS INC.
But the money banked at Starbucks appears to be growing rapidly, with the current $1.2 billion nearly double the $621 million the company had in 2014, according to Bloomberg. That growth has been fueled by the company’s popular app: Starbucks has “one of the most successful mobile wallets,” Leena Rao writes in the new issue of Fortune. In March, Starbucks announced that it will launch a prepaid Visa card later this year.
This article originally appeared on Fortune.