Starling Bank statistics: Revenue, profits and number of customers

Starling Bank is an app-based digital bank that’s making banking easy for its customers. Taking away all the bureaucracy of traditional branch banking, Starling Bank provides its customers with instant and complete access to their finances. We look at the number of Starling Bank users, its current profits and revenue and how the challenger bank has grown since it started.

Quick overview

• Starling Bank has 3.6 million customers as of March 2023, fewer than Revolut (30 million) and Monzo (7.5 million).
• Starling Bank recorded profits of £195 million for the year to March 2023, a six-fold increase on 2022.
• Starling Bank reported revenue of £453 million in the year to March 2023.
• In April 2022, Starling Bank was valued at £2.5 billion, but the current value is thought to be around £1.5 billion.
• The Starling Bank app has an average rating of 4.9/5.
• Customers at Starling Bank deposited £10.6 billion into their accounts in the year to March 2023.

How many customers does Starling Bank have?

As of March 2023, Starling Bank has 3.6 million customers, which is around 7% of UK adults. The number of Starling Bank customers has grown by 29% between 2022 and 2023, up from 2.8 million.

Since 2018, when Starling Bank had just 400,000 customers, the total number of accounts has grown by 800%.

• Graph
• Starling Bank customers

Starling Bank is also incredibly popular with its customers, winning Finder’s Banking Customer Satisfaction Awards in 2023, with 94% of current account holders saying they would recommend the bank to a friend and scoring 5 out of 5 for customer satisfaction.

Compared to other well-known challenger banks in the UK, Starling Bank does have fewer customers. Competitor Monzo has 7.5 million customers as of 2023, while Revolut has 30 million customers worldwide and 6.8 million in the UK. However, the number of Starling Bank customers is growing!

What was Starling Bank’s revenue in 2023?

Starling Bank reported revenue of £453 million in the year to March 2023, more than double the revenue recorded in 2022, which was £216 million. Revenue has been increasing year-on-year, growing from less than £1 million in the year to November 2018.

• Graph
• Starling Bank revenue

What were Starling Bank’s profits in 2023?

Starling Bank recorded profits of £195 million for the year to March 2023 before tax, a substantial six-fold increase on the profits of £32 million recorded in 2022. This was their second full year of profitability.

In the years before this, Starling Bank was operating at a loss. In the 16 months to March 2021, they recorded a loss of £31.5 million, and in the 12 months to 2019, they recorded a loss of £53.6 million.

• Graph
• Starling Bank profit

What is Starling Bank’s valuation?

Starling Bank was valued at £2.5 billion in April 2022 after the bank raised £130.5 million to finance its expansion plans. However, Jupiter Asset Management reportedly sold its stake in the bank, leading many to estimate that its valuation now sits around £1.5 billion.

What is the value of Starling Bank customer deposits?

Customers placed £10.6 billion worth of deposits into Starling Bank accounts In the year to March 2023, up from just over £9 billion in 2022. This is almost double the deposits placed into Starling Bank accounts in the 16 months to March 2021, which was just over £5.8 billion.

• Graph
• Starling Bank profit

• Starling Bank statistics: 2020

  Digital banking has seen a massive boom in recent years, with just over 1 in 10 Brits (12%) having now switched from branch banking to digital banking. And though nearly 47% of digital bank users currently keep less than £1,000 in such accounts, it is predicted that nearly two-thirds of banking customers will make the switch to a digital bank in the future.

  Since launching in 2017, Starling Bank has been one of the most prominent disruptors in the industry, and it was a highly commended brand in Finder’s Banking Customer Satisfaction awards, as voted for by customers.

  Quick stats

  • Starling Bank has over 1.42 million personal accounts.
  • There are over 100,000 accounts that use euros or USD.
  • Over £4 billion was deposited to Starling Bank accounts.
  • The Starling Bank app has an average rating of 4.9/5.
  • How much funding does Starling Bank have? Its total funding is £363 million, of which £100 million was raised in 2020 (and the bank is going for more!).
  • How much revenue does Starling Bank make? The bank made £80 million revenue in FY 2019/2020. Starling recently announced an annualised revenue run rate of c.£108m.
  • What’s the average deposit? The average deposit in a Starling account is £1,625

  Starling Bank’s growth over time

  Having started as a small fintech startup with only 89 people on the team, the company has grown immensely since its establishment. To date, Team Starling now consists of more than 958 employees, with offices in London, Cardiff, Southampton and Dublin.

  Starling Bank has 1.42 million personal customer accounts in October 2020, a 72% increase from 2019. The growing customer base puts it ahead of competitors such as Tandem bank. However, they have 2.2 million personal customer accounts less Monzo and 10.3 million less than Revolut. Starling also has 256,000 business accounts.

  • Number of users as of September 2020
  • Table

  Bank	Number of users
  Revolut	12 million
  N26	6.5 million
  Monzo	3.9 million
  Monese	2 million
  Starling Bank	1.7 million
  Tandem	0.8 million

  Starling Bank’s revenue

  The bank has seen substantial growth in revenue over the past 3 years, jumping drastically to improve the bank’s financial prospects. In 2016, Starling Bank saw an annual revenue of £12,800. However, in 2020, they announced that their annualised revenue run rate had jumped to £108 million. According to Starling, this is due to card usage volumes bouncing back fast during the coronavirus lockdown, combined with lending and growth in other parts of the business.

  • Revenue
  • Table

  Year	Revenue
  2020	£80,000,000
  2019	£30,000,000
  2018	£1,400,000
  2017	£32,000
  2016	£12,800

  The overall value of the company’s assets has also increased by a lot over the past 5 years. In 2015, its assets were valued at £22,400. However, with increasing popularity, investments and a growing customer base, by 2019, the bank had amassed assets valued at a massive £1.2 billion.

  • Assets
  • Table

  Year	Assets
  2019	£1,200,682,000
  2018	£234,700,000
  2017	£53,300,000
  2016	£15,400,000
  2015	£22,400

  Starling Bank’s: Deposits

  Starling Bank customers deposited a total of £4 billion, according to their latest release, up from £897 million in 2019. This increase is likely to be partly down to average deposits of Businesses, Sole Traders and retail customers, all increasing since October 2019. The average deposits of business customers increased from £11,250 in October 2019 to £14,900 in October 2020. Personal retail account deposits also increased from £900 to £1,625.

  	October 2019	October 2020
  Average Deposits - Business	£11,250	£14,900
  Average Deposits - Sole Trader	£1,700	£3,100
  Average Deposit - Retail	£900	£1,625
  Total Deposits	£897m	£4.0bn

  Starling Bank’s employee overview

  With 958 employees, a majority of the bank’s hires are made for tech-centred positions. Other than that, broader/multi-category positions make up a bulk of the bank’s employees, along with a smaller percentage of employees working in support, finance and sales.

  • Employees
  • Table

  Category	Percentage
  Technology	33.30%
  HR	4.80%
  Finance	7.00%
  Other	23.80%
  Sales and BD	2.40%
  Support	16.70%
  Creative	2.40%
  Admin	2.40%
  Marketing and PR	2.40%
  Retail	4.80%

  Sources

  • Statista
  • Craft

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