UK challenger bank Starling has published its fourth annual report for the period 2017 to 2018.
In brief:
- The digital bank reported a loss before tax of £26.9mn for the year ending 30 November 2018.
- Staff numbers have increased significantly to 279 - 38% of staff are women and the business has 37 nationalities represented within its workforce.
- At this time, Starling has received £233mn in funding from investors.
What does this mean?
While the company has yet to turn a profit, CEO Anne Boden is confident this will happen by 2020. In an open letter following the report, she said that the bank’s digital model, which lacks branches and legacy systems, is “highly capital-efficient”.
