Starling Bank enters “rocket ship mode” as the FinTech firm forecasts it will break even by the end of 2020

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Anne Boden, founder and CEO of Starling Bank, believes the challenger bank will break even by the end of next year as the company has doubled its users since 2018.

One year ago, both business and retail users of the bank totalled 385,000, but that number has now jumped to 775,000, according to Boden’s latest annual letter. She believed this is just the beginning, stating that the company has entered “hyper growth” and is expecting to pass the one million user milestone by the end of 2019. “We are in rocket ship mode,” Boden said, according to The Times.

She also revealed that the number of active customers depositing their salaries into retail accounts is at 32 per cent and that Sterling Bank’s annualized revenue run rate has jumped by 150 per cent from 2018. At the same time, its staff has grown to over 600 people across Blighty.

Looking towards the future, Sterling Bank seems to be looking to expand internationally. The start of that is to ensure it can keep its passporting rights across the EU after the UK leaves the EU. To stay strong in a post-Brexit world, it is now going through the process of acquiring a second bank licence in Ireland. Moreover, the bank is gearing up to open offices in the Netherlands, France and Germany.

Copyright © 2019 FinTech Global

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