Starling has achieved a net hire of 551 people since 23 March 2020 as it continues to grow.
The digital bank managed to double its customer account numbers while it has received additional £322m in funding which has created employment demand.
Starling Bank was also the most switched-to digital-only bank and the second most switched-to bank in the final quarter of 2020.
“Starling’s combination of a really user-friendly app, backed up with fantastic customer service, has brought thousands of switchers our way, rather than the offer of cash incentives or elaborate gifts. We intend to keep this focus on having the very best technology as our key differentiator,” said CEO and founder Anne Boden.
Anne Boden’s hometown Cardiff is now the highest-staffed Starling office as it is followed by Southampton, London and Dublin.
Starling recruited employees in Operations (71%), Banking (16%) and Technology (8%). This meant that Cardiff received the highest number of them (491) followed by Southampton (38) and London (17) with 1% working on remote contracts.
Commenting on this growth, Susanna Yallop, Chief People Officer said: “The pandemic has accelerated a shift in digital banking. This trend will continue apace, even when the pandemic is behind us.”
“By bringing new talent into the sector, including those from industries which have been impacted by the recession and have transferable skills, we can better support people with our simple, ethical and intelligent banking services,” she added.
Starling generated a total revenue of £12 million in January 2021, which represents an annualised revenue run rate of c.£145 million and an increase of approximately 400% compared to January 2020.
Unlike other digital banks, Starlings has achieved stable profitability. A great deal of this success comes from Starling’s business banking options.
Anne Boden has therefore recently announced a plan in which Starling Bank is going to hold 18% of the SME banking market in five years. The current share of the small business market is around 4.4%.