Starling set to make a profit by 2021

August 07, 2020 | FinTech

Written by FinTech Alliance

Starling set to make a profit by 2021

Starling Bank has published its latest report and is on track for profitability despite the challenges of Covid-19.

In Brief:

  • Starling said in its trading update on Thursday it had generated £6.7mn for July 2020.

  • It predicts from this its 2020 revenue could be £80mn.

  • 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.”

Read more here.

More in FinTech

Monzo has added 50,000 business accounts   
FinTech
September 18, 2020

Monzo has added 50,000 business accounts   

Monzo has built up 50,000 business customers in less than six months, AltFi reports. ...

Allica Bank launches £100mn fundraise  
FinTech
September 17, 2020

Allica Bank launches £100mn fundraise  

Allica Bank has launched a £100mn fundraise to build “the leading SME challenger bank&rd...

New York FinTech Alloy raises $40mn  
FinTech
September 17, 2020

New York FinTech Alloy raises $40mn  

Alloy, a startup that enables banks to manage identity and risk, has raised $40mn.   In...

FinTech
September 02, 2020

How we use Cledara at Railsbank

Railsbank, one of Europe's fastest growing fintech startups, talks about how they use Cledara, how i...

FinTech
July 29, 2020

Unleashing the potential of FinTech in banking

The FinTech industry attracted over US$13.1b in VC-backed investments in 2016, about five times...

FinTech
May 27, 2020

West Midlands FinTech Ecosystem Report 2020

This report focuses primarily on the activity in the geographical area covered by the West Midlands...

FinTECH4Life

FinTECH4Life

When: Nov 16th - Nov 17th, 2020
Where: The Brewery, London
Price: £999
FinTech Connect 2020

FinTech Connect 2020

When: Dec 02nd - Dec 03rd, 2020
Where: ExCel London, London
Price: FREE