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.”

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