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