Starling Blames Interest Rate Headwinds as Revenues Drop 6%

United Kingdom neobank Starling saw revenues and profits fall last year as interest income dropped. The lender released its annual report Thursday (May 21), which showed revenues down 6% to 887 million pounds (about $1.2 billion) and pre-tax profits falling 3% to 217 million pounds (about $291 million). Starling Chief Financial Officer Declan Ferguson characterized the interest rate cuts as a “headwind that pretty much all banks will face,” the Financial Times reported Thursday.