Growth in consumer accounts and a rush of revenue have propelled U.K.-based challenger bank Starling to break-even status, a feat few challenger banks have managed to pull off. The company reported an operating profit of £0.8M ($1M) for October, or £10M ($13.3M) on an annualized basis. The bank reported £9M ($12M) in revenue for the month of October 2020, which translates to an annualized revenue run rate of £108M ($143.9M).

Why should we care?
Starling’s major rivals, including Revolut and Monzo, have yet to hit the break-even milestone. The bank credits its growth to a diverse revenue stream, with 45% coming from card transaction fees. Starling has nearly 1.8 million accounts, £4B ($5.3B) in deposits, and £1.5 billion ($2B) of lending. It’s experienced strong business account growth throughout the pandemic and continued to launch new products. “We don’t have jazzy metal cards and we don’t offer ‘perks’ such as access to premium airport lounges. Customers join us for the features that help them manage their money and their businesses in a more effective way,” wrote founder and CEO Anne Boden.