Starling Bank has published its latest report and is on track for profitability despite the challenges of Covid-19.
In Brief:
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Starling said in its trading update on Thursday it had generated £6.7mn for July 2020.
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It predicts from this its 2020 revenue could be £80mn.
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At the end of July the challenger bank held more than £3mn in deposits.
What does this mean?
If Starling does make a profit it will be the first UK neobank to do so. CEO Anne Boden called 2020 a “transformational” year for the Fintech, saying even with Covid-19 the business as continued to grow “across the board”.
She commented: “Across our entire range – retail, joint, business, sole trader, euro and US dollar – we’re adding a new account every 35 seconds. In fact, Starling is the fastest-growing SME bank in Europe and now holds a more than 3% share of the UK’s SME banking market.”
