Trading update - Q1 2021

Key points:

  • Financial year-end loss halved as revenue soars
  • Customer accounts double, while deposits grow by 500%
  • Lending more than £2.2 billion
  • Latest annualised revenue run rate reaches more than £170 million

For the period to 31 March 2021

  • Revenue rose by nearly 600% to £97.6 million, from £14 million for the previous period, ending 30 November 2019, while loss after tax more than halved to £23.3 million from £52.1 million.
  • Starling’s deposit base grew by nearly 500% to £5.8 billion (2019: £1 billion)
  • Customer account numbers more than doubled to 2.1 million (2019: 926,000)
  • Lending shot up to £2.2 billion from a very low base.
  • Starling broke even for the month of October 2020 and has recorded a profit every month since then.
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It’s an impressive set of figures. I love that they haven’t needed to introduce fees for personal customers, or place limits on foreign ATM usage, etc. The business banking side of things hopefully means that they won’t ever have to do go down that route.

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This is a good benefit, or at least it will be when I get confident about the safety of flying again. Trying to decide who to CASS towards, Starling or Monzo. Both are great apps. Nothing much wrong with FD but it seems a bit tame. Inertia eh?
R-

“Nothing happens until something moves.”
― Albert Einstein

Thanks for the post good to know about starling.

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To be fair, this is limited: 300 pounds Sterling a day (or equivalent)

I think what you mean is, it’s not differentiated from domestic transactions.

What would be great now is if Starling could offer accounts for overseas Britons as long as they set the account up while they were residents !

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Yes, that’s exactly what I meant. I should have said, “place limits on free foreign ATM usage”. I expect there to be limits in terms of daily withdrawals, both home and abroad :+1:t2:

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