Monday, September 26, 2022
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HomeFinTechAccounting and TaxTurning Point! UK Neobank Starling Achieves Profitability!

Turning Point! UK Neobank Starling Achieves Profitability!

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.

In the three months following its latest accounts, Starling has continued to grow at pace. In June 2022, the annualized revenue was £331.2 million, driven by year-on-year lending growth of 72% to £4 billion.

Starling said it continues to build on the mortgage business it gained through the acquisition of Fleet Mortgages in July 2021, with more than £2 billion of mortgages now on the balance sheet as of June 2022. This growth in lending has been funded by Starling’s growing deposit base, which increased by a further £600 million in just three months.

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