Starling Bank can set ambitious targets now its revenues exceed its operating costs, but potential acquirers should know the company’s mission is to change banking and not to sell up.
Receiving its UK banking license in 2016, the app based challenger bank was one of the early cohort of new banks harnessing the latest technologies to take on the traditional high street giants. Last month, it reported its first profit and the first of the UK’s consumer-facing challenger bank community, a major landmark for any new bank and a launchpad for raising the bar.
Starling’s rise is no secret. It is one of the most talked about UK challenger banks under the leadership of charismatic computer scientist and banker Anne Boden.
Recent talk of big banks eying the company up for takeover makes its plans all the more interesting.
Speaking at the Fintech Connect after being asked about the reported interest from Lloyds Bank and JP Morgan, Boden said these are not the first traditional banks to eye Starling’s business.
But she is not about to cash in and is aiming much higher, an ambition shared across the company. “Big banks taking an interest in Starling is not new and