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Starling Bank to see profits quadruple this year as bank now a 'big player'

Founder Anne Boden said Starling is longer up against the "plucky scale-ups"

Anne Boden, the CEO and founder of Starling Bank(Image: Starling Bank)

Starling Bank boss Anne Boden has said the digital bank expects to more than quadruple its profits in 2023 after a strong performance in December.

Swansea-born Ms Boden, the chief executive and founder of the digital bank, cheered its profitability, surging customer base, and lack of reliance on a "silly valuation" to raise cash.

In her new year update, she distanced Starling from rival digital banks and fintechs who are looking to raise cash, having become profitable last year for the first time in its eight-year history.

Read more: The 23 companies in Wales to watch in 2023

Ms Boden said: "We're profitable, very well capitalised and have no need to raise money. It's no accident that we have never sought a silly valuation, even when the prospect of one was dangled before us.

"We, and here I mean the fantastic executive team, just had difficulty buying into the fanciful views of the world held by some of the funds that had so-called 'vision'."

She told staff and customers that Starling is now a "big player" and no longer up against the "plucky scale-ups", having racked up millions of customer accounts.

Ms Boden revealed that the bank - which has more than 3.4 million customer accounts, including 520,000 small businesses - expects to more than quadruple its pre-tax profits in the new financial year.