Starling Bank is one of a growing number of fintech startups aiming to shake up the way we all bank. Founded in 2014, it now has more than 1.8 million customers, which is some way behind the even faster growth experienced by other fintech rivals.
Its chief growth officer Rachel Pollard, however, is not worried. While customer acquisition and growth are priorities, the company wants to do that “sustainably” and is targeting profitability by the end of the year.
Starling Bank is on course to hit that target despite Covid-19, with revenues of £6.7m in July meaning it could make annual revenue of £80m and turn a profit. Compare that to Monzo, which despite its 4 million customers saw losses double in July to £113.8m, and Revolut where losses tripled last year.
“This is what differentiates us from some of our more direct competitors,” Pollard tells Marketing Week. “I’d love to be able to pull a switch and have new customers flow in, which we are seeing, but we are about sustainable growth.
“Anne [Boden, CEO and founder] made no bones about the fact we want to reach profitability and that is the big strategic aim. We are very much on track to do that and part of that is sustainable growth, not growth at all costs.”