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Starling Group eyes IPO as profits rise 55%

Digital bank, Starling, says it’s “very committed” to a flotation on the London stock Exchange.

Based in the capital, the group employs 1000 staff in Manchester at its “financial innovation hub.”

The figures show that group profit before tax rose 54.7% to £301.1m, while revenue was up 50.6% to £622.2m. Total deposits rose 4% to £11bn.

“This is our third full year of profitability demonstrating a robust financial performance. It was a breakthrough year for Starling as we became a global provider of banking Software as a Service through our subsidiary Engine by Starling,” stated John Mountain, Interim CEO of Starling Bank. 

“We’ve heavily invested in Engine because we’re confident it can one day become as big as the UK bank, or bigger.”

Mountain added that the group had not made a decision when to list, but plans for an IPO were already being discussed.

The new Group CEO, Raman Bhatia, who is the former Chief Executive of Ovo Energy, is expected to make a further announcement when he takes up his position at the end of the month.

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