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, which reached 2.1 million in 2021. 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.
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Learn moreWe have collected data and statistics on Starling Bank. Read on below to find out more.
Starling Bank key statistics
- Starling Bank generated approximately £73 million revenue in 2020, a 421% increase year-on-year
- Average monthly deposits from non-business accounts exceeded £2,000 in 2021
- Over two million people use Starling Bank
Starling Bank overview
| 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
| Year | Revenue |
| 2019 | £14 million |
| 2020 | £73 million |
Note: Starling Bank reports its revenue every sixteen months, instead of the usual 12 months. 2020 value is an approximation
Source: Company data
Starling Bank users
| Year | Users |
| 2019 | 0.9 million |
| 2020 | 1.3 million |
| 2021 | 2.1 million |
Source: Company data
Starling Bank total assets
| Year | Total assets |
| 2019 | £1 billion |
| 2020 | £2.7 billion |
| 2021 | £5.8 billion |
Source: Company data
Starling Bank average deposit
| Year | Average deposit |
| 2019 | £765 |
| 2020 | £1140 |
| 2021 | £2010 |
Source: Company data
Starling Bank vs other UK neobanks: users
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Starling Bank FAQ
How much is Starling Bank worth?
Starling Bank is worth £1.3 billion ($1.9 billion)
What are Starling Bank’s operating costs?
In 2020, Starling’s operating costs rose to £113 million
How many SME’s use Starling Bank?
Starling has 375,000 small to medium sized enterprise accounts as of July 2021
