Starling Bank Revenue and Usage Statistics (2024)

David Curry

Updated: January 17, 2024

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 2.7 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

TitleTitle 2
Launch date21 January 2014
HQLondon, UK
PeopleAnne Boden (founder, CEO), Tony Ellingham (CFO), Helen Bierton (chief banking officer)
Business typePrivate
IndustryOnline 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)

YearRevenue (£mm)
20181.7
201911
202087
2021216
2022453

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)

YearNet income (£mm)
2018-25
2019-52
2020-39
202144
2022142

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)

YearUsers (mm)
20180.3
20191
20202.1
20212.7
20223.6

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)

YearTransactions (£bn)
2021104
2022143

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)

YearSpend (£bn)
20191.6
20207.2
202111.9
202216.5

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)

YearTotal 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 (£)

YearAverage deposit (£)
20181053
2019940
20201800
20212100
20222900

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 (£)

YearAverage deposit (£)
20187000
20198550
202012600
202113700
202214400

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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