In a business update, U.K.-based digital banking startup Starling reported an annualized revenue run rate increase of more than 370% in wake of the pandemic, to £80M ($104.6M).

Why should we care?
Starling’s revenue growth is the result of new retail and business accounts. Starling’s business accounts now number more than 200,000, with the bank reporting more than 1.5 million accounts in total. Its deposits now stand at more than £3B ($3.9B), with many customers choosing to open multiple accounts. Despite some bumps on the road with the rollout of pandemic-related business loans, Starling, which participated in the U.K. government’s Coronavirus Business Interruption Loan and Bounce Back Loan schemes, now boasts lending volume of more than £1B ($1.3B). The company expects to become profitable by the end of 2020. Starling’s fortunes stand in contrast to rival Monzo, which has fallen on tough times and was recently hit with a regulatory request to increase the amount of capital it holds to guard against losses.