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Posted on March 16, 2020 by staff

Starling boss Anne Boden says firm profitable next year

Starling Bank founder and chief executive Anne Boden said the UK challenger bank will make its first monthly profit in “in January or February” of next year.

The UK challenger bank has opened 1.25 million customer accounts and holds more than £1.25bn in deposits since it was launched in 2014.

Starling has made a strong start to 2020 as it confirmed last month that it has raised a further £60m from its existing investors, Merian Global Investors and JTC.

The bank also confirmed that it will award shares to all employees, allowing everyone in the company to share directly in its success.

Earlier this month the digital bank opened its third UK base in Cardiff, with the aim of growing its data science, fraud and customer service teams.

Since Starling launched in 2014, it has built up a workforce of over 800 employees in London and Southampton and has twice won Best British Bank in the British Bank Awards.

The CEO said challenger banks must now show that they can make a profit.

“Digital banks have experienced high growth,” said Boden.

“We are all putting on numbers. This has never happened before in the history of banking. But now we are moving into a period where these banks have to show they can make profits.”