Starling Bank is one of the three main “challenger banks” in the U.K., which have made inroads into the banking ecosystem with fee-free services, no physical branches and alternative features.
In comparison to Revolut and Monzo, Starling Bank has marketed itself as a proper banking institution, albeit without any physical branches. It has been named Britain’s Best Bank at the British Banking Awards four years in a row.
Originally launched in 2014, Starling was the first of the three main neobanks. Tom Blomfield, who launched Monzo, was the chief technology officer at Starling, but left after disagreements with CEO Anne Boden.
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Contact Us TodayStarling Bank has not been in the news as much as the two other neobanks, however, it has built a loyal customer-base over the past seven years, which reached 2.7 million in 2022. Over 350,000 small to medium sized businesses also bank through Starling.
Money management is a key feature of the Starling Bank app, with users able to create spaces for savings and repayments. It also offers overdraft and loans for personal and business accounts.
In 2020, there were rumours that Starling had been approached by larger banks as an acquisition target. Starling has said it plans to IPO in 2022 on the London Stock Exchange.
We have collected data and statistics on Starling Bank. Read on below to find out more.
Starling Bank Key Statistics
- Starling Bank generated approximately £453 million revenue in 2022, a 109% increase year-on-year
- It reported a net income of £142 million in 2022, a 222% improvement on the year prior
- Average monthly deposits from non-business accounts exceeded £2,500 in 2022, with SME accounts depositing £14,400 on average
- 3.6 million people use Starling Bank, with about 500,000 SME accounts
- Starling Bank transacted over £140 billion in 2022, with £16.5 billion spent through its cards
Starling Bank Overview
| Title | Title 2 |
|---|---|
| Launch date | 21 January 2014 |
| HQ | London, UK |
| People | Anne Boden (founder, CEO), Tony Ellingham (CFO), Helen Bierton (chief banking officer) |
| Business type | Private |
| Industry | Online banking |
Starling Bank Revenue
Starling Bank revenue increased by 109% in 2022, from £216 million to £453 million.
Starling Bank annual revenue 2018 to 2022 (£mm)
| Year | Revenue (£mm) |
|---|---|
| 2018 | 1.7 |
| 2019 | 11 |
| 2020 | 87 |
| 2021 | 216 |
| 2022 | 453 |
Source: Company data
Starling Bank Profit
Starling Bank made £142 million net income in 2022. It is the company’s second year of reporting a net profit.
Starling Bank annual net income/loss 2018 to 2022 (£mm)
| Year | Net income (£mm) |
|---|---|
| 2018 | -25 |
| 2019 | -52 |
| 2020 | -39 |
| 2021 | 44 |
| 2022 | 142 |
Source: Company data
Starling Bank Users
Starling Bank has 3.6 million active users, most of which use it as their primary banking account.
Starling Bank annual active users 2018 to 2022 (mm)
| Year | Users (mm) |
|---|---|
| 2018 | 0.3 |
| 2019 | 1 |
| 2020 | 2.1 |
| 2021 | 2.7 |
| 2022 | 3.6 |
Source: Company data
Starling Bank Transactions
Starling Bank users were responsible for £143 billion transactions in 2022, a 37.5% increase on the year prior.
Starling Bank annual transactions 2021 to 2022 (£bn)
| Year | Transactions (£bn) |
|---|---|
| 2021 | 104 |
| 2022 | 143 |
Starling Bank Card Spend
Starling Bank customers spent £16.5 billion through their card in 2022, a 38% increase on 2021 figures.
Starling Bank annual card spend 2019 to 2022 (£bn)
| Year | Spend (£bn) |
|---|---|
| 2019 | 1.6 |
| 2020 | 7.2 |
| 2021 | 11.9 |
| 2022 | 16.5 |
Starling Bank Total Deposits
Total deposits of all Starling Bank users came to £10.5 billion in 2022, a 16% increase on the previous year.
Starling Bank annual total deposits 2018 to 2022 (£bn)
| Year | Total assets (£bn) |
|---|---|
| 2018 | |
| 2019 | |
| 2020 | |
| 2021 | |
| 2022 |
Source: Company data
Starling Bank Average Deposit
The average monthly deposit by a Starling Bank user came to £2900 in 2022.
Starling Bank annual average retail deposit (£)
| Year | Average deposit (£) |
|---|---|
| 2018 | 1053 |
| 2019 | 940 |
| 2020 | 1800 |
| 2021 | 2100 |
| 2022 | 2900 |
Source: Company data
Starling Bank Average SME Deposit
Starling Bank offers a banking experience tailored for small to medium sized businesses. The average deposit for these accounts is much higher, at £14,400 in 2022.
Starling Bank annual average SME deposit (£)
| Year | Average deposit (£) |
|---|---|
| 2018 | 7000 |
| 2019 | 8550 |
| 2020 | 12600 |
| 2021 | 13700 |
| 2022 | 14400 |
Starling Bank vs Other UK Neobanks: Users
Want to learn more? Read our sector profile on mobile banking
Starling Bank FAQ
How much is Starling Bank worth?
Starling Bank is worth £2.5 billion ($3.1 billion)
How many SME’s use Starling Bank?
Starling has 500,000 small to medium sized enterprise accounts as of July 2023
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