to further aid businesses during the pandemic. Beyond driving revenues, these moves boosted Starling's standing in the UK business banking space and set the stage for the neobank to establish valuable long-term relationships.
Starling's approach could serve as a blueprint for neobank profitability going forward. Navigating a path to profitability has been a for neobanks regardless of how many account holders they accrue, as they often take losses by offering fee-free services to incentivize sign-ups. And while Starling is smaller than competitors by user numbers—Revolut counts 12 million and Monzo has 4 million, compared with Starling's 1.8 million—breaking even by 2021 could confirm its hypothesis that achieving sustainable growth is more important to profitability than focusing primarily on customer acquisition.Join other Insider Intelligence clients who receive this Briefing, along with other Banking forecasts, briefings, charts, and research reports to their inboxes each day.
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