Starling Group reports fourth consecutive year of profitability
Starling Group reports fourth consecutive year of profitability
Digital banking powerhouse Starling Group has recorded its fourth straight year of profitability, underpinned by growth in customer numbers, deposits, and global expansion. The latest financial results for the year ending 31 March 2025 show the group continuing to strengthen its position in the fintech sector, with its Welsh operations playing a key strategic role.
The group reported a 5% increase in revenue to £714 million, alongside a 10% rise in customer accounts to 4.6 million. Deposits reached a record high of £12.1 billion.
While statutory profit before tax dipped to £223 million, down from £301 million the previous year, the decline was attributed to one-off factors, including a regulatory fine issued in October, Covid-era government loan provisions, and greater investment in risk management infrastructure. Underlying profit before tax stood at a robust £281 million.
“This performance derives from our unwavering commitment to providing customers with innovative banking solutions and exceptional service,” said Raman Bhatia, Group Chief Executive Officer. “We’re well positioned for further growth and will continue to invest in our people, with around a thousand new hires planned across technology and other strategic areas over the next three years.”
Starling’s Cardiff office remains a cornerstone of the bank’s operations, supporting both customer service and technology development. The office’s ongoing expansion highlights Starling’s long-standing commitment to Wales, a region central to its growth strategy.
Founded by Welsh-born Anne Boden, Starling has deep roots in the nation’s fintech ecosystem and continues to be a prominent player in showcasing the strength of Welsh innovation on the UK and global stage.
One of the year’s highlights was the international success of Engine by Starling, the bank’s Software-as-a-Service (SaaS) platform. Engine facilitated the launch of Salt Bank in Romania and AMP Bank in Australia, as part of Starling’s push to capture a share of the £100 billion global market for core banking tech.
“Our revised capital requirements were communicated in April, taking our total surplus capital to more than £400 million—40% higher than last year,” said Declan Ferguson, Group Chief Financial Officer. “We’ll be deploying this capital across Starling Bank, Engine, and new international ventures.”
The group also reported substantial progress in customer protection. Initiatives such as Call Status Indicators and a Safe Phrases campaign led to a 73% reduction in impersonation scams. The launch of its Easy Saver account drew in £1.5 billion in deposits from 191,000 new accounts.
Artificial intelligence continues to streamline operations. AI tools deployed by the bank helped save 8,000 hours of manual work per month, halved specialist referrals, and reduced customer wait times by 60%.
With over 4.6 million customer accounts and £21 billion in card spend during the year, Starling Group is not only a dominant force in UK digital banking but increasingly a global fintech contender—with Wales playing a central role in its story.
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