Starling IPO: Everything We Know So Far

May 21, 2023 8:15 am
Published by: IPO News

Founded in 2014, Starling is one of the first UK banks to launch a mobile-only personal and business account in the county. It currently stands among the fastest-growing neo-banks in Europe with a 600% year-by-year revenue.

Founder Anne Boden has expressed her interest in going public but has yet to reveal further information. This article discusses everything we know so far about the Starling IPO, including Starling’s current valuation, revenue, and potential IPO date.

What Is Starling?

Starling is a UK-based online bank that allows you to manage and run your bank account through your mobile phone.

It was founded by former Allied Irish Banks COO Anne Boden in 2014 and stands as one of the biggest neo-banks in the UK, up there with Monzo and Revolut.

Starling offers a range of personal and business banking services through its mobile app, including personal accounts, business accounts, joint accounts, Euro accounts, and others. The bank is authorised and regulated by the Prudential Regulation Authority and the Financial Conduct Authority.

After raising £48 million (approximately $50 million) in 2016, the company announced its intention to apply for the RBS Remedies Fund. This allowed Starling to compete with the Royal Bank of Scotland in the provision of small and medium-sized enterprises (SMEs), as well as develop SME-targeted products and services.

To expand its services, Starling partnered up with Wise to streamline international payments and the UK Post Office to allow account holders to withdraw funds at a Post Office branch. These transactions occurred in 2017 and 2018 respectively.

As of 2023, Starling has 3 million active users. Approximately 460,000 of these accounts belong to small businesses.

Starling’s revenue rose by nearly 600% in 2021, closing £97.6 million from 2019’s £14 million. Revenue rose even higher in 2022 at £188 million, a 93% increase from the year prior.

When Is the Starling IPO?

In late 2020, various large banks—including Lloyd and JPMorgan—expressed their interest in acquiring Starling. Starling CEO Anne Boden declined their offers, stating that she has eyes on a future IPO.

In an interview with Telegraph, Boden stated that Sterling is likely to go public in 2022. But with the global recession and financial crisis underway, the date was pushed back to 2023 or early 2024.

Once Starling goes public, Boden aims to list the company on the London Stock Exchange.

How Does Starling Make Money?

Starling makes money through various sources, including:

  • Subscriptions
  • Interest and overdraft fees
  • Interchange fees
  • Transfer fees
  • Licensing fees from API
  • Cash interest fees
  • Referral fees

Starling’s subscription fees vary from account to account. Standard and Starling Kite (an account for children) cost £2 per month, and a US business account costs £5 per month.

Starling also charges business customers for using its business toolkits, which provide companies with bookkeeping and accounting features.


Starling is one of the fastest-growing neo-banks in the UK, with revenues growing close to 600% year-over-year. It currently has a valuation of £2.5 billion.

Starling CEO Anne Boden expressed her interest in going public but has yet to reveal an official IPO date. The most likely IPO date is between 2023 and 2024, with the latter being more probable.

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