Starling makes a profit for Oct 2020

Wonder when Monzo will be saying the same?


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Dont know if thats due to absolute luck with the bounce back loans or good management in order to drop everything else and push those through.

But anyway it seems the interest generated on the millions of risk free government money dished out is the reason they are profitable, hardly something to brag about


At the risk of dragging this off topic, I wonder when you will be able to recognise a genuinely interested question.

I’m sure my post history stands for itself.


It definitely does.

It’ll be interesting to see if this continues and they’ve extrapolated from one month of tiny profit (but granted still profit) to big sums for a whole year on the back of that.


Isn’t there already a Starling topic? Or do we need a new topic for every amazing thing that Starling does, what with them not having a forum of their own?


As far as im aware this is the only other topic?

Surely this is encouraging news, the fact that a new bank can and has been profitable should only be good news for Monzo as they look to do the same.

They took advantage of their ability to leverage their business end of their account offerings, what’s not to brag about? They saw the opportunity and took that opportunity. Would have been great if monzo did the same but they choose not to, that’s fine to if they have different areas they wanted to prioritise.


Wonder what you (a Monzo investor) would be saying if it was Monzo and not Starling :thinking:

It doesn’t really matter how they got there. It is to be celebrated.


Why all the hate?

Seems to be impossible, these days, to talk about the subject without factions jumping straight in to derail the discussion. So tiresome. Would be great if we could talk reasonably abou things.


These quoted parts are hardly subtle. Although they can apply to more than one company.

We’ve never ‘bought’ customers with cash incentives, or promotions.

Counterpoint - If customers are referring other customers anyway, should they not get rewarded for doing so?

We don’t have jazzy metal cards and we don’t offer ‘perks’ such as access to premium airport lounges.

I expect there are a portion of Starling customers who would love a metal card and airport lounge access. Either way - it’s hardly a differentiating point to talk about not having something. Different demographic, different business models.


As there can only be one first, then Monzo will never be able to say the same.


Starling’s achievements are genuinely impressive. The strong move into business accounts has proved successful even before lockdown.

Statements like this do feel hubristic though

In fact, we’re prepared for pretty much anything

I know it’s partly bravura, and you need plenty of that as a startup. But the book plus these kinds of statements… A bit more of a filter would do no harm.

It turns out that banks make money by lending out their deposit book - who knew?! :wink:


It’s operating profit though, not net profit. But sure it’s better than an operating loss.

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Ahh cmon rob youve been about the forum long enough to know i have absolutely no problem calling out the issues with monzo and being an investor doesnt cloud me when it comes to criticism of monzo and praise of starling.

If the opportunity came up to invest in either monzo or starling which would i chose? probably starling because crap ui is alot easier fixed than a crap business plan.


No. It devalues my recommendation and casts doubt on my intention for recommending them. Referral programs these days verge deadly close into MLM territory. I simply don’t discuss or recommend those companies to anyone, even if I love what they offer.

I’ve only ever used my bulb referral link once, and only because my friend asked me if I used them because they were planning to switch, and asked if they could use my link.

If I’m going to recommend a company I will only do it off the back of my experience with them, and never in return for kickbacks. The second kickbacks are involved I stop recommending them. I can never fully trust a recommendation if the person recommending them gets something out of it, so I would not expect anyone to trust my recommendation either. It’s a very toxic thing.


I don’t know how many people got as far as this but I find it quite interesting seeing the comparison.

All looks to be heading in the right direction.

This is the thing, Starling appeals to a different demographic to Monzo, and when travel comes back, Starling older customer base are the type who would be using travel lounges.

The digs at other fintechs is getting tiresome from Boden, they’ve got a different business model (be a lot like a big 5 bank with a better app), funding model and got there at the right time to gobble up stuff like the Remedies fund. There is plenty of room for Monzo, Starling, Revolut etc etc to be successful businesses.


Do they? I would have thought if there’s a Venn diagram of users, it’s just a circle.

Indeed. It’s not always a good idea to make references to things you aren’t doing because things change fast and you may end up doing them when the market shifts. I was likely guilty of that myself, but… I wasn’t the CEO :man_shrugging:

I think that’s a totally fair opinion to hold. Counterpoint - when Monzo did do it (quite a while ago now!) it was hugely successful.


Starling demographic is older and they talk about it a lot

Starling’s customer base continues to mature and the bank continues to grow more quickly outside of London - the average age of a Starling retail customer is almost 37 years of age and continues to rise.