In a milestone achievement, Starling bank has marked its third profitable year with plans to expand its software operations. The British neobank reported a significant increase in pre-tax profits and revenues, emphasizing a strong financial performance. The firm’s total deposits also saw a slight increase, indicating steady growth in its financial standing.
The annual report released by Starling highlighted the company’s success in becoming a global provider of banking Software as a Service through its subsidiary Engine by Starling. This strategic investment in technology aims to position the company for further growth and expansion internationally. With a focus on banking-as-a-service software offerings, Starling is looking to venture into new territories and establish a broader customer base beyond its traditional market in Great Britain.
Incoming CEO Raman Bhatia has outlined Starling’s plan to capitalize on its proprietary technology by selling Engine to banking customers in new markets. The company’s potential IPO is also under discussion with investors, signaling a possible milestone in its journey towards market expansion. By leveraging its British identity, Starling aims to maintain a strong presence in London as it continues to explore new opportunities for growth in the evolving digital banking landscape.