British digital bank Starling trims losses as revenue shot up 600%. It increases from £14 million in the previous period to £97.6 million now. The remarkable rise in revenue helped to cut losses in half.

Credit: fintechnews.com

Starling said that their sales reached £42.8 million at the end of June 2021. This amount helps them to reach an annual run rate of £170 million. CEO and founder Anne Boden mentioned “Starling is now very much on track to post our first full year of profitability” in its 2022 fiscal results. The digital company has changed its financial year-end from Nov. 30 to March 31. They assume it makes it easier for shareholders to compare results quarterly.

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Boden also said that Starling has over 2 million users, while its rivals Revolut and Monzo have 16 million and 4 million, respectively. Starling’s rivals have millions of more customers. But Starling users typically hold much more money. Then Boden mentioned, “They have seven times the customer numbers we have and only 60% of the deposits.”

Credit: cnbc.com

The London-based firm has been growing its balance sheet significantly. The main goal was to support government-backed financing schemes that can help businesses in this coronavirus pandemic.