Starling revenues surge 600%

Starling Bank has reported revenue growth of nearly 600 per cent to £97.6 million for the period ended 31 March.

This compares to £14 million for the previous period, ending 30 November 2019.

Loss after tax more than halved to £23.3 million from £52.1 million.

The challenger bank’s deposit base grew by almost 500 per cent to £5.8 billion, compared to £1 billion 2019.

Customer account numbers more than doubled to 2.1 million, in comparison to 926,000 in the previous year. Meanwhile, lending shot up to £2.2 billion from a very low base.

Starling broke even for the month of October 2020 and has recorded a profit every month since then.

Results from the organisation’s latest trading update show that revenue reached £42.8 million in the three months to the end of June 2021, Q1 of its current financial year, putting the bank’s annualised revenue run rate at more than £170 million.

“Starling is pulling away from the rest of the FinTech pack,” said Anne Boden, chief executive, Starling. “Now that we are profitable and growing responsibly, we’re gaining momentum, generating our own capital, and executing on our strategy to expand lending.”

    Share Story:

Recent Stories


Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.

Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.

Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.