Starling Group Achieves Remarkable Third Year of Profitability

FinTech Wales is thrilled to spotlight the ongoing success story of one of our esteemed members, Starling Group, which has impressively reported its third consecutive year of profitability. Detailed in their latest annual results, this achievement underscores Starling Group’s strong position in the dynamic UK digital banking sector.

Published on 12 June 2024, the consolidated results for Starling Bank, along with its subsidiaries Engine by Starling and Fleet Mortgages, reveal significant growth metrics that illustrate a robust financial year ending 31 March 2024. Here are some key highlights from their report:

• Profit Before Tax: The group experienced a 54.7% increase in pre-tax profits, amounting to £301.1 million.
• Revenue: A substantial growth in revenue by 50.6%, reaching £682.2 million.
• Deposits: Total deposits grew by 4%, now standing at £11 billion.
• Active Customer Engagement: Nearly 80% of Starling accounts are active, with a 21% rise in total transactions, amounting to £174.1 billion.

John Mountain, Interim CEO of Starling Bank, emphasized the group’s transformative year, highlighting the global expansion of their banking Software as a Service through Engine by Starling. Additionally, David Sproul, Group Chair, shared his enthusiasm about the growing customer base and increasing usage of Starling’s services.

As Starling Group continues to innovate and expand, they eagerly anticipate the appointment of their new Group CEO, Raman Bhatia, who is set to bring extensive consumer technology, banking, and fintech expertise to the team.

Starling Group comprises three primary business units: Starling Bank, offering comprehensive banking services; Engine by Starling, a pioneering Software as a Service provider; and Fleet Mortgages, specializing in buy-to-let mortgage lending. Their headquarters are based in London, with additional offices in Cardiff, Manchester, and Southampton.

For a deeper dive into Starling Group’s annual report and to gain further insights into their financial strategies and future plans, we encourage you to read the full blog post on their official website. This detailed report not only reflects on their accomplishments but also sheds light on the strategies propelling their success.

At FinTech Wales, we proudly support and celebrate the achievements of our members like Starling Group, who continue to elevate the fintech landscape with their innovative solutions and stellar performance. Stay tuned for more updates and insights from the forefront of financial technology!