The new capital brings the total amount raised by Starling to date to £323 million , though the neobank's new valuation is currently unknown. It intends to use the new funds for further expansion, including the support of a planned European launch that was delayed due to Brexit concerns.
External funds are the lifeblood of most neobanks as they struggle to turn a profit, but Starling feels that it is on track to break even in the near future. Profitability is a long way off for most major neobanks that service consumers. For , per their most recent filings, Starling's major competitors in the UK, Monzo and Revolut, reported a pretax loss of £33.1 million and a post-tax loss of £32.8 million in 2018, respectively.
We think there are two primary factors that distinguish Starling's approach to neobanking and position it to fulfill Boden's assertion:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wuhan coronavirus: Airbnb shuts down check-ins for Beijing until March - Business InsiderAirbnb confirmed in a statement to Business Insider that it would refund customers whose reservations have been cancelled. Maybe the person in charge of making this change has coronavirus?!!!
Read more »
Business InsiderA car dealer is selling Al Capone's bulletproof 1928 Cadillac sedan for $1 million — see inside I'll take 10. Tupac’s BMW is for sale for $1.75mm with bullet holes included
Read more »
Kind launches frozen bars and refrigerated nut butter bars - Business Insider$4 billion snack maker Kind says it will spend 'tens of millions of dollars more' to market its new frozen and refrigerated products, and hit $1.6 billion in sales in 2020 very cool
Read more »
How top companies are using VR to connect and train remote teams - Business InsiderFrom passenger cars to financial and professional services, VR is enabling major companies to train workers and connect teams from around the world.
Read more »