UK based Starling Bank became the first Neobank to break even. In the quarter ending October 2020 they cleared edged closer to profitability as account, deposits and lending surged. Starling’s CEO also suggests they’ll be the first profitable Neobank. About a one minute read.
Comment: Starling was the first Neobank to charge for accounts, a moved that Monzo and other Neobanks were quirk to copy. While its not clear what impact The UK’s Bounce Bank Loans had on Starling’s bottom line, their Which? reviews do look pretty good, especially compared to the so-called “Big Four High Street” incumbent banks.