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Read more…Starling Bank statistics: Revenue, profits and number of customers
Here's everything you need to know about the fintech company looking to revolutionise banking.
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%.
| Year | Number of Starling Bank customers |
|---|---|
| 2023 | 3.6 million |
| 2022 | 2.8 million |
| 2021 | 2.1 million |
| 2019 | 1 million |
| 2018 | 400,000 |
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.
| Year | Starling Bank revenue |
|---|---|
| 2023 | £452.8 million |
| 2022 | £216.4 million |
| 2021 | £97.6 million |
| 2019 | £14.2 million |
| 2018 | £0.8 million |
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.
| Year | Starling bank profit/loss (before tax) |
|---|---|
| 2023 | £194.6 million |
| 2022 | £32.1 million |
| 2021 | -£31.5 million |
| 2019 | -£53.6 million |
| 2018 | -£26.9 million |
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.
| Year | Value of customer deposits |
|---|---|
| 2023 | £10.6 billion |
| 2022 | £9.03 billion |
| 2021 | £5.83 billion |
| 2019 | £970 million |
| 2018 | £202 million |
Click here for more research. For all media enquiries, please contact:
Matt Mckenna
Head of UK communications
T: +44 20 8191 8806
Head of UK communications
T: +44 20 8191 8806
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