Anne Boden is a prominent woman entrepreneur in the UK tech industry, and the person who started Starling Bank, a British bank almost 9 years ago and the fintech is often referred to as a digital challenger bank or neobank.
Starling Bank was last valued at over $3 billion and witnessed a six-fold jump in profit in the last fiscal year. At this point in time, Anne announced that she will step down from the CEO position next month.
John Mountain, Starling’s COO, will take over as interim CEO to lead the digital bank into its next phase of growth.
Anne Boden said: “I have spent nearly a decade here as both the founder and CEO, a dual role which is unique in UK banking. It’s been all-consuming and I’ve loved every minute of it. Now that we have grown from being an aspiring challenger to an established bank, it is clear the roles and priorities of a CEO and a large shareholder ultimately differ and require distinct approaches. As Starling continues to evolve and grow, separating my two roles is in the bank’s best interests.”
David Sproul, Chair of Starling Bank, said: “I am looking forward to working with John Mountain as we continue to grow and to retaining Anne’s vision and expertise on the Board. I am delighted to end the year with such strong growth, built on the foundation of a solid and low-risk balance sheet and a tight control over costs. This demonstrates the strength of our business model and the advantages of our market-leading consumer brand.”
John Mountain, interim CEO, said: “Anne has created a company that I’m really proud to work in and is genuinely different. What makes Starling stand out is that we’ve succeeded in making it both customer-led and technology-led throughout. We’ve firmly established a sustainable business model and I look forward to continuing our work of changing banking for good.”
Today at TFN, we decided to explore the remarkable achievements of Anne Boden, the visionary and inspirational female founder, and Starling Bank.
Establishment of Starling Bank
In 2014, Anne Boden founded Starling Bank with the ambitious goal of revolutionizing banking through a fully digital and customer-centric experience.
In 2016, under Boden’s leadership, Starling Bank successfully acquired its comprehensive banking license from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). This milestone empowered the bank to provide a complete range of banking services.
Current account services
Starling Bank unveiled its current account in 2017, presenting customers with a cutting-edge mobile-first banking solution. This account offered an array of features, including real-time notifications, spending insights, and budgeting tools, enhancing the overall banking experience.
Mobile banking innovations
Guided by Boden’s vision, Starling Bank developed a user-friendly mobile banking app that empowered customers to effortlessly manage their finances, conduct transactions, and access various banking services while on the move.
Expansion of the Marketplace
Starling Bank pioneered the concept of a banking “Marketplace,” which allowed customers to directly engage with a wide range of third-party financial service providers through the Starling app. This breakthrough feature provided customers with convenient access to an extensive array of financial products and services within a single platform.
Integration with Apple Pay and Google Pay
Starling Bank seamlessly integrated with popular mobile payment platforms, namely Apple Pay and Google Pay, enabling customers to make contactless payments using their smartphones.
Expansion into European markets
In 2019, Starling Bank expanded its services into the European market, enabling customers in countries such as Ireland to effortlessly open accounts and leverage the bank’s digital banking features.
Best British Bank awards
Starling Bank earned numerous industry accolades and commendations for its groundbreaking approach to banking. Notably, it was bestowed with the esteemed title of Best British Bank at the British Bank Awards in both 2018 and 2019.
Business banking services
Starling Bank introduced a range of banking services tailored specifically to meet the needs of small and medium-sized enterprises (SMEs). These services encompassed expense management, invoicing, and seamless integration with accounting software.
Remarkable customer base
Under Boden’s astute leadership, Starling Bank experienced remarkable growth in its customer base, reaching over 3.6 million customers.