Starling Bank Founder, Anne Boden, expects profits to quadruple this year after a successful 2022.
In brief:
-The bank saw pre-tax profits of more than £250mn and annualised revenue of almost £600mn for December 2022, with deposits hitting £10.7bn at the end of the year.
-In its first fully profitable year the bank increased its headcount by a third, reached more than 3mn accounts, more than 500,000 SMEs, and launched free virtual cards.
-Starling Bank currently holds an 8.9% share of the UK market for SME banking.
What does this mean?
Despite challenging times in the FinTech sector Starling Bank had a profitable year whilst also growing in size. “We’re profitable, very well capitalised and have no need to raise money. It’s no accident that we have never sought a silly valuation, even when the prospect of one was dangled before us,” says Boden.
