Starling starts to soar: Digital bank doubles customer account numbers
Starling starts to soar: Digital bank doubles customer account numbers raking in billions more in deposits
Revenues at Starling rose last year as it doubled its customer account numbers and raked in billions more in deposits.
The digital bank, which has no branches but allows individuals and small businesses to do their banking through a mobile phone app, pulled in revenues of £97.6million in the 16 months to March 31 – up almost 600 per cent on the prior year.
Starling’s customer numbers jumped from 926,000 to 2.1m, and deposits grew from £1billion to £5.8billion.
Appy days: Digital bank Starling, raked in revenues of £97.6m in the 16 months to March 31 – up almost 600 per cent on the prior year
And as small businesses rushed to the lender to borrow under government-support schemes during the pandemic, because it was one of the few banks open to new customers, lending shot up to £2.2billion from a ‘very low base’.
The challenger bank has been profitable since October, and over the 16-month period – longer than the usual financial year …
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