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.
Starling 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, with over four million customers. Over 400,000 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, as well as mortgages.
In 2020, there were rumours that Starling had been approached by larger banks as an acquisition target. Starling has said it plans to IPO on the London Stock Exchange, but these plans have been delayed due to Starling CEO stepping down and other regulatory issues.
We have collected data and statistics on Starling Bank. Read on below to find out more. Want to learn more about neobanks? Check out our finance app report.
Starling Bank Key Statistics
- Starling Bank generated approximately £682 million revenue in 2023, a 50% increase year-on-year
- It reported a net income of £301 million in 2023, a 111% improvement on the year prior
- Average monthly deposits from non-business accounts were £2500, with SME accounts depositing £12,800 on average
- 4.2 million people use Starling Bank, with about 400,000 SME accounts
- Starling Bank customers transacted £174 billion in 2023, with £19.9 billion spent through its cards
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Finance App Report 2024
Starling Bank Overview
| Title | Title 2 |
|---|---|
| Launch date | 21 January 2014 |
| HQ | London, UK |
| People | Raman Bhatia (CEO), Declan Ferguson (CFO), Steve Newson (COO) |
| Business type | Private |
| Industry | Online banking |
Starling Bank Revenue
Starling Bank revenue increased by 50% in 2023, from £453 million to £682 million.
Starling Bank revenue 2018 to 2023 (£mm)
| Year | Revenue (£mm) |
|---|---|
| 2018 | 1.7 |
| 2019 | 11 |
| 2020 | 87 |
| 2021 | 216 |
| 2022 | 453 |
| 2023 | 682 |
Sources:Â Finance App Report, Company data
Starling Bank Profit
Starling Bank made £301 million net income in 2023. It is the company’s third year of reporting a net profit.
Starling Bank net income / loss 2018 to 2023 (£mm)
| Year | Net income (£mm) |
|---|---|
| 2018 | -25 |
| 2019 | -52 |
| 2020 | -39 |
| 2021 | 44 |
| 2022 | 142 |
| 2023 | 301 |
Sources:Â Finance App Report, Company data
Starling Bank Users
Starling Bank has 4.2 million active users, most of which use it as their primary banking account.
Starling Bank active users 2018 to 2023 (mm)
| Year | Users (mm) |
|---|---|
| 2018 | 0.3 |
| 2019 | 1 |
| 2020 | 2.1 |
| 2021 | 2.7 |
| 2022 | 3.6 |
| 2023 | 4.2 |
Source: Company data
Starling Bank Transactions
Starling Bank users were responsible for £174 billion transactions in 2023, a 21% increase on the year prior.
Starling Bank transactions 2021 to 2023 (£bn)
| Year | Transactions (£bn) |
|---|---|
| 2021 | 104 |
| 2022 | 143 |
| 2023 | 174 |
Starling Bank Card Spend
Starling Bank customers spent £19.9 billion through their card in 2023, a 20.6% increase on 2022 figures.
Starling Bank card spend 2019 to 2023 (£bn)
| Year | Spend (£bn) |
|---|---|
| 2019 | 1.6 |
| 2020 | 7.2 |
| 2021 | 11.9 |
| 2022 | 16.5 |
| 2023 | 19.9 |
Starling Bank Total Deposits
Total deposits of all Starling Bank users came to £11 billion in 2023, a 4% increase on the previous year.
Starling Bank total deposits 2018 to 2023 (£bn)
| Year | Deposits (£bn) |
|---|---|
| 2018 | 0.2 |
| 2019 | 0.9 |
| 2020 | 5.8 |
| 2021 | 9 |
| 2022 | 10.5 |
| 2023 | 11 |
Source: Company data
Starling Bank Average Deposit
The average monthly deposit by a Starling Bank user came to £2500 in 2023.
Starling Bank average retail deposit 2018 to 2023 (£)
| Year | Average deposit (£) |
|---|---|
| 2018 | 1053 |
| 2019 | 940 |
| 2020 | 1800 |
| 2021 | 2100 |
| 2022 | 2900 |
| 2023 | 2500 |
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 £12,800 in 2023.
Starling Bank average SME deposit 2018 to 2023 (£)
| Year | Average deposit (£) |
|---|---|
| 2018 | 7000 |
| 2019 | 8550 |
| 2020 | 12600 |
| 2021 | 13700 |
| 2022 | 14400 |
| 2023 | 12800 |
Starling Bank vs Other UK Neobanks: Users
Starling Bank is the third largest neobank in the UK by users, behind Revolut and Monzo.
UK neobanks users by app 2023 (mm)
Want to learn more? Check out our Finance App Report
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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