FinTech: Starling Bank Doubles Revenue, Earns 6X Profits; CEO Boden Leaves On A High Note

May 25, 2023 | FinTech, News

John Mountain will be interim CEO, Starling Bank.

Starling Bank, a leading digital bank in the UK, has reported a significant increase in profits and announced a change in leadership. Founder Anne Boden will step down as CEO on June 30th but will remain on the Board as a non-executive director. John Mountain, the current COO, will take over as interim CEO to guide the bank through its next phase of growth.

Starling Bank’s financial results for the year ending March 31st, 2023, were impressive. The bank achieved a revenue of £453 million, more than double the previous year’s figure. Pre-tax profits soared to £195 million, marking a six-fold increase from the previous year. Total lending also increased from £3.3 billion to £4.9 billion, and customer deposits rose by 17% to reach £10.6 billion. (Starling Bank)

Boden expressed her pride in the bank’s accomplishments, highlighting the disruptive impact Starling has had on the banking industry. She stated that the separation of her roles as CEO and a large shareholder would better serve the bank’s interests as it continues to evolve and grow.

Boden’s focus will shift to her position as a shareholder, advocating for Starling and ensuring the bank stays true to its values and vision.

David Sproul, Chair of the Bank, praised Boden’s leadership and acknowledged her significant contributions to the bank’s success. He emphasized that the bank is well-positioned for further growth, with a continued commitment to customer-centric banking.

John Mountain, the incoming interim CEO, expressed his pride in working at the bank and praised its unique combination of customer-centric and technology-driven approaches. He reiterated the bank’s dedication to improving the banking industry.

The bank will conduct an international search for a permanent CEO.

Related Story:  UK Digital Bank Starling Clocks First Full Year Of Profitability

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…