Starling, the digital bank based in London, has expressed its strong commitment to going public on the London Stock Exchange. The company, which employs 1000 staff in Manchester at its financial innovation hub, reported a significant increase in profits and revenue.
According to the latest financial report, Starling saw a 54.7% rise in profit before tax, reaching £301.1 million, and a 50.6% increase in revenue, totaling £622.2 million. Total deposits also saw an uptick, rising by 4% to £11 billion.
John Mountain, the Interim CEO of Starling Bank, highlighted the company’s achievement of three consecutive years of profitability and emphasized the success of its subsidiary, Engine by Starling, in becoming a global provider of banking Software as a Service. Mountain expressed confidence in Engine’s potential to grow and possibly surpass the UK bank in size.
While no specific timeline has been set for the IPO, discussions regarding the listing are already underway. The incoming Group CEO, Raman Bhatia, formerly of Ovo Energy, is anticipated to provide more details upon assuming his role at the end of the month. The appointment of Bhatia is seen as a strategic move for Starling’s future growth and expansion.
