UK neobank Starling expects to break even next year — and pursuing small business banking could allow it to overcome barriers to profitability:
. And whereas achieving profitability has been a hurdle for many neobanks, Boden remains confident that Starling will reach that point in the next two years.The announcement highlighted Starling's rapidly growing scale through growth metrics and projections:
Starling expects to reach £1 billion in deposits in 2019. Starling's deposits surpassed £600 million , with 32% of active users depositing at least £1,000 in their account monthly. By comparison, competing neobank Monzo counts £461.8 million in deposits. Starling projects it will have 1 million customers by the end of 2019. Starling's customer account nearly doubled in the last year: The firm currently has over 770,000 customers across its retail and small- and medium-sized business and retail euro accounts.
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