Starling Group Posts £714M in Revenue, Eyes Global Expansion with Engine by Starling
Hey Digital Banking Fanatic!
Starling Group has reported strong growth across the board in its FY25 results, marking its 4th consecutive year of profitability and positioning itself for UK and international expansion.
🚀 Key Highlights:
- Revenue up to £714M (from £682M last year)
- Customer deposits hit a record £12.1B
- Open accounts climbed 10% to 4.6M
- Underlying profit before tax reached £281 million, while headline profit before tax stood at £223 million, reflecting the impact of one-off legacy costs. This marks a 26% decrease from the £301 million reported last year.
- Capital surplus rose 40% to £ 400 M+
“We move forward from a position of strength,” said CEO Raman Bhatia. “Starling Bank’s ability to keep attracting customers and deposits shows we’re building long-term trust.”
The Group is intensifying its growth strategy across multiple fronts. Engine by Starling successfully went live with AMP Bank in Australia and Salt Bank in Romania, generating £8.7 million in SaaS revenue and positioning itself on a clear path toward surpassing £100 million in recurring revenue. Meanwhile, Fleet Mortgages expanded its lending portfolio by 33%, reaching £3 billion, with secured loans now accounting for 90% of total gross lending.
In parallel, the bank introduced several new features to strengthen its fraud prevention capabilities, including call status indicators and low balance alerts. It also addressed regulatory matters by settling a £29 million fine from the FCA and proactively setting aside a £28.2 million provision related to compliance with the Bounce Back Loan Scheme (BBLS).
CFO Declan Ferguson confirmed Starling will use its growing capital surplus to fuel UK growth and global SaaS expansion: “We’ll be deploying this across Starling Bank, Engine, and international ventures.”
Read all the other Digital Banking industry news below 👇 and I'll be back with more tomorrow!
Cheers,
Dominate the Payments Space! Subscribe to my Daily PayTech Newsletter for daily updates and trends in the evolving world of payment technology. Revolutionize your payments expertise today!
NEWS
🇬🇧 Starling Reports Strong Revenue and invests in growth. Revenue increased to £714 million, while customer deposits rose to a record £12.1 billion. The number of open accounts reached 4.6 million, reflecting continued customer acquisition. Despite a drop in profit before tax to £223 million due to one-off legacy costs, underlying profit stood at £281 million.
🇪🇸 Neobank bunq adds Bizum to its Spanish customers. Users with a Spanish IBAN can send or receive money through the app, a service that will be available for bunq Core, bunq Pro, and bunq Elite individual plans. The plan is to facilitate payments for merchants once they complete the integration of Bizum.
🇬🇧 Monzo builds investor relations team as it eyes IPO. Monzo is building out an investor relations team, a key function for listed companies, in the latest sign that the FinTech is preparing for a highly anticipated initial public offering (IPO). Read more
🌎 Nubank launches price alert on airline tickets for high-income customers. Users will receive push and email notifications about price changes, and if the ticket drops in price within a month of purchase, they’ll automatically get a refund of up to R$500.
🇱🇹 MyTu integrates Apple Pay. With this integration, customers simply hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. The updated myTU app supports instant issuance of virtual cards, allowing users to begin spending within minutes, without the need to wait for physical cards.
🇺🇸 US-based FinTech Firm Purpleplum eyes global expansion and capital raise. With a modular, AI-enabled digital banking stack, Purpleplum plans to deepen its international footprint while preparing for a capital raise aimed at speeding up product development and expanding its local teams and partner ecosystem.
🇪🇸 Garanti BBVA Crypto unveils new mobile app with advanced features. Users can now easily buy and sell crypto assets in both TRY and USD trading pairs. Furthermore, users can create personalized lists of favorite coins, making it easier to monitor preferred assets.
🇺🇸 Revolut seeks acquisitions after record profit. The British banking firm is looking to beef up its deals team and make acquisitions for its next phase of growth after the FinTech reported a record annual profit. Keep reading
🌍 Emirates NBD taps iPiD for confirmation of payee. The collaboration will enable Emirates NBD to provide real-time beneficiary validation for cross-border payments. With this solution, customers can verify payee names, IBANs, and account numbers in real time, before a payment is made.
🇸🇪 Klarna wants to break away from BankID. Sebastian Siemiatkowski, co-founder and CEO of Klarna, believes that BankID's dominant position hinders the development and the opportunity for alternative solutions to establish themselves. BankID is currently the largest identification service in Sweden.
Want your message in front of 100.000+ Digital Banking fanatics, founders, investors, and operators?
Shoot me a message on LinkedIn or send me an e-mail.
