Starling Bank, a digital bank based in the UK, has announced plans to float on the stock market close to the end of 2022. These plans aren’t set in stone at the moment, with the company admitting that it could be early 2023 by the time this aim is carried out.
It comes after the bank managed to cut down the pandemic-led losses it had been making and move towards profitability. Between November 2019 and March 2021, Starling bank made a loss of £23.3 million. This is less than half the loss that it made from November 2018 to November 2019.
On top of this, the bank has announced that it managed to break even during October 2020. Leading on from there, it made a profit in all subsequent months. This means that in the second quarter of 2021, Starling Bank was fully profitable, having made a profit during every month of that period.
The improved financial results are due to Starling Bank continuing to lend to customers during the uncertainty of the Covid-19 pandemic. It managed to increase its customer numbers from around 1 million to 2.1 million. This increase in customers equated to an increased lending amount of £2.2 billion.