Starling Becomes First Challenger Bank to Reach Profitability

UK-based digital bank Starling recently revealed that it managed to break even and claims that it may be on track to become the first banking challenger to reach profitability.

Starling’s financial results for the 3 months ending on October 31, 2020, have revealed that the Fintech has helped consumers with opening 1.8 million accounts – which is notably twice as much from last year. Starling reports £4 billion in total deposits which are up substantially from £897 million in 2019. The digital bank also reported £1.5 billion worth of lending.

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