Founder and CEO Anne Boden had committed months ago, announcing that Starling Bank would become profitable before the end of 2022. As a matter of fact, the digital bank swung to a pre-tax profit of £32.1 million for the financial year ending 31 March 2022 from a pre-tax loss of £31.5 million for the period to 31 March 2021. Revenue for the same period to 31 March 2022 was £188 million, up nearly 93% from 2021.
April, a personal income tax platform embedded in digital finance apps, successfully raised $30 million in a Series A funding round backed by Treasury, a fintech infrastructure-focused fund, and QED, Nyca Partners, Team8, Euclidean Capital, and Atento Capital. The US company, co-founded by Ben Borodach and Daniel Marcous, has raised $40 million since its inception in January 2022.