Star­ling Bank rev­enues leap as start-up tre­bles num­ber of full-time work­ers

The Daily Telegraph - Business - - Business -

◆ Losses at bank­ing start-up Star­ling Bank dou­bled to £52m in 2019 as the com­pany hired hun­dreds of em­ploy­ees and fo­cused on at­tract­ing new cus­tomers, writes James Cook.

The firm brought in rev­enues of £14.2m, a steep in­crease from the pre­vi­ous year’s £750,000.

Anne Bo­den, its chief ex­ec­u­tive, called 2019 a “trans­for­ma­tional” year.

Staff costs in­creased to £35m in 2019, up from £14m the year be­fore, af­ter Star­ling Bank nearly tre­bled the num­ber of full-time em­ploy­ees at the com­pany to 740 by the end of the pe­riod. The busi­ness has since grown to 958 peo­ple.

The com­pany has raised £363m, in­clud­ing £100m this year. The start-up now has 926,000 per­sonal ac­counts, as well as 87,000 busi­ness ac­counts. It launched its first tele­vi­sion ad­ver­tis­ing cam­paign in Oc­to­ber.

How­ever, Star­ling has “put on ice” its plans to ex­pand into Ire­land and low­ered its growth tar­gets for this year be­cause of coro­n­avirus.

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