Starling Bank expect profits to quadruple
Starling Bank, which runs a large part of its operation in Southampton, is expecting its profits to more than quadruple in 2023.
The digital bank’s founder and chief executive, Anne Boden, recently wrote a new year blog looking back at the past year and ahead to the future.
She wrote that, in December of last year, Starling generated annualised revenue of nearly £600 million for the month, generating annualised pre-tax profit in excess of £250 million. The bank now has 3.4 million customer accounts, of which 520,000 are small businesses.
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Boden wrote: “Should you wander into a branch of one of the big High Street banks, you’ll see a prominent notice on the wall with Starling’s name in the No.1 spot for overall service quality for both personal and small business accounts.
“Starling was always the underdog; the diligent, hardworking, socially aware, tech-savvy fintech. Never as cool as those businesses run by those 30 year old tech bros. But as we have seen, markets have a nasty habit of correcting.
“Many start-ups and scale-ups are having difficulty raising funding now. And it’s fair to say that for a while some private market valuations became inflated, with predictable consequences for some.
“We’re no longer up against the plucky scale-ups. We are now a big player when it comes to serving the current account market in the UK and find ourselves rubbing up against the establishment, as our CMA results show only too well”
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Featured image: Starling Bank
