Starling Bank to Float on Stock Market by the End of 2022

Fazzaco learned that Starling Bank, the leading UK digital bank, has planned to float on the stock market close to the end of 2022, and it could be early 2023 by the time this aim is carried out.

The decision comes after the bank managed to cut down the pandemic-led losses it had been making and move towards profitability. During November 2019 and March 2021, Starling bank made a loss of £23.3 million, which is less than half the loss that it made from November 2018 to November 2019.

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The bank also managed to break even during October 2020. In the second quarter of 2021, Starling Bank was fully profitable, having made a profit during every month of that period.

The improved financial results are due to Starling Bank continuing to lend to customers during the uncertainty of the Covid-19 pandemic. It managed to increase its customer numbers from around 1 million to 2.1 million. This increase in customers equated to an increased lending amount of £2.2 billion. 

Revenue for the bank also rose sharply during the latest accounting period. The bank posted revenue of almost £100 million, an increase of nearly seven times the previous revenue of £14 million.

​After being valued at £1.1 billion in an initial round of funding, it’s expected that the bank will raise a higher figure by floating on the stock market. 

In April this year, Starling Bank has received a £50 million investment by Goldman Sachs Growth Equity (Goldman Sachs). The new funding was expected to support Starling's continued rapid and now profitable growth.