Digital-only bank Starling Bank has one million accounts on its books.
CEO and founder Anne Boden announced the news when speaking with Yahoo Finance, saying that when the bank launched in 2014 it was looking to get 800,000 accounts.
Passing this milestone still leaves the challenger bank some ways behind its competitors Monzo and Revolut, which reportedly have over three and seven million accounts open respectively.
“We have a whole movement with new banks coming to market to address specific customer needs,” Boden said in a speech in London on Monday. “But the banks, the new banks as opposed to just FinTechs, have a path to profitability. Unfortunately, lot of the new entities coming to market that are not banks don’t have a way of actually generating revenue. Unfortunately, they do not have a long term profitability plan.”
The news comes just a few weeks after Starling Bank raised £30m at the end of October. The round was supported by Merian Chrysalis, the FinTech-focused fund that supported instalment payments unicorn Klarna’s $460m round earlier this summer.
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