UK NeoBanking Platform Starling reported its 1st annual profit 💰
$38M PBT (profit before tax)
$225M revenue (93% YoY growth)
$3.96 bn loan book (45% YoY growth)
600K new customer accounts added
The UK fintech unicorn has more than two million customer accounts, including more than 300,000 small business accounts. Its total lending exceeds $ 2Bn and it has more than $5.4 Bn deposited with it.
They have so far steered away from digital assets, instead focusing on protecting unsuspecting customers from increasing scam risks, particularly in countries where crypto wallets are directly connected to real-time payment schemes.
Starling's edge is the TECHNOLOGY that allows it to attract new customers faster than big banks, despite having < 2000 employees.
What is your bank's edge ?
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