Starling Bank statistics: Revenue, profits and number of customers

Here's everything you need to know about the fintech company looking to revolutionise banking.

Avatar
Avatar

By

Matthew Boyle

&

Sophie Barber

Updated

Fact checked

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

Sources

  • Starling Bank annual reports
  • City A.M.

Click here for more research. For all media enquiries, please contact:

Matt Mckenna
Head of UK communications
T: +44 20 8191 8806
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

Related articles

More guides on Finder

  • Cash vs card: Which wins in 2024?

    The Finder team roamed the streets of London to quiz the general public about whether they prefer cash or card. Paid content.
  • Best money saving apps in the UK 2024: Build a savings pot

    There are times when we could all do with a hand to save money, and we’ve assembled some of the best apps to help you do it.
  • MyPocket review

    Here’s all you need to know about the digital banking service that is aiming to make banking accessible to all.
  • Starling Bank business account review

    Thinking about opening a Starling business account? Take a look at our analysis to find out if it’s suited to your company.
  • Fuze Card review

    Fuze Card is a device to store all your cards in one place. But does it actually work and is it worth the price?
  • Soldo review

    Soldo promises to revolutionise the way your business manages its expenses. Our review analyses its features and fees to see if it’s worth it.
  • What is Open Banking?

    Open Banking can open the way to new products and services for UK customers. Read this guide to find out all you need to know about Open Banking, from APIs to regulations.
  • Pockit review

    Looking for a digital-only bank account? We explore the app and all of the fees and features that come with a Pockit online current account.

  • Plum app review: The AI assistant that helps you save money

    Plum’s app uses artificial intelligence to help you set aside money and spend wisely. Our review analyses the money management features on offer.
  • Chip savings app review

    The Chip savings app will connect to your current account and stash money away automatically. We cover all you need to know about the innovative app in this review.
Go to site