Remitly vs Starling Bank: Revenue, Profit and Business Model
Remitly had $1.6B of annual revenue in FY2025 and $67.9M of net income. Starling Bank had ~$1.2B of annual revenue in FY2026.
Latest financial snapshot
Remitly
- Latest annual revenue
- $1.6B (FY2025)
- Net income
- $67.9M
- Net margin
- 4.2%
- Revenue growth
- +53.2% a year, FY2019–FY2025
Starling Bank
- Latest annual revenue
- ~$1.2B (FY2026)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +25.1% a year, FY2023–FY2026
Financial summary
Remitly
Revenue grew from $126.6 million in 2019 to $1.635 billion in 2025, and the company swung from a $117.8 million net loss in 2023 to $67.9 million of net income in 2025. FY2025 adjusted EBITDA was about $272 million and free cash flow about $283 million. In Q2 2026 revenue rose 20% to $495.2 million, send volume rose 27% to $23.5 billion, adjusted EBITDA reached a record $114.7 million, and net income of $205.9 million included a $140.6 million discrete tax benefit. Send volume growing faster than revenue points to a declining take rate as Remitly attracts larger, higher-value transfers. Remitly Global, Inc. is a major American digital financial services company specializing in international remittances, commanding a market valuation typically over $3 billion.
Starling Bank
Starling's profits come mainly from net interest income: it funds mortgages and SME loans with low-cost deposits. That made it a big winner from higher UK interest rates, with pre-tax profit peaking at ~$397M (£301.1M) in FY24. As rates eased, profit settled at ~$295M (£223.4M) in FY25 and ~$287M (£217.1M) in FY26, and reported revenue slipped from ~$1.24B (£940.0M) to ~$1.17B (£887.4M). Deposits still grew to ~$16.8B (£12.7B), and Engine by Starling's revenue rose 25% in FY26, adding a fee-based line that depends less on interest rates. Starling Bank is a highly disruptive, digital-only challenger bank in the UK, maintaining a massive private market valuation estimated over $3 billion.
Revenue and profit by year
Remitly
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $1.6B | $67.9M | 4.2% | +29.4% | Source |
| FY2024 | $1.3B | -$37M | -2.9% | +33.9% | Source |
| FY2023 | $944.3M | -$117.8M | -12.5% | +44.5% | Source |
| FY2022 | $653.6M | -$114M | -17.4% | +42.5% | Source |
| FY2021 | $458.6M | -$38.8M | -8.5% | +78.5% | Source |
| FY2020 | $257M | -$32.6M | -12.7% | +103.0% | Source |
| FY2019 | $126.6M | -$51.4M | -40.6% | — | Source |
Starling Bank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$1.2B | — | — | +24.3% | Source |
| FY2025 | ~$942.5M | — | — | +4.7% | Source |
| FY2024 | ~$900.5M | — | — | +50.7% | Source |
| FY2023 | ~$597.7M | — | — | — | Source |
Where the revenue comes from
Remitly
- Transaction feesMajor
Upfront fees charged on eligible transfers depending on corridor, speed, funding method, and promotion.
- Foreign-exchange spreadsMajor
Revenue from the difference between exchange rates offered to customers and Remitly's underlying currency cost.
- Related financial servicesEmerging
Ancillary services around migrant finance, business payments, and account-based products.
Starling Bank
- Business banking
Not formally reported
Accounts and lending for British small and medium-sized businesses. This is the main source of profit.
- Retail banking
Not formally reported
Free personal current accounts, which bring in customers and low-cost deposits that fund mortgages and SME loans.
- Engine by Starling
About $92.4 million committed ARR
Starling's cloud banking software licensed to other banks. GBP 70 million.
Business model and strategy
Remitly
How it makes money
Remitly earns most of its revenue on each transfer a customer sends: a transaction fee that varies by corridor, speed and funding method, plus a foreign-exchange spread between the rate Remitly pays for currency and the rate shown to the customer. Costs sit mainly in payout-partner and payment-processing fees, marketing, fraud and transaction losses, compliance and customer support.
Growth strategy
Under CEO Sebastian Gunningham, Remitly is pursuing three paths: adding send and receive corridors, moving upmarket to higher-value senders and small businesses, and broadening into products beyond one-off transfers, including Remitly Flex, a wallet and card, and the Remitly One membership. Management has also credited AI-driven operating efficiencies with funding growth investment while lifting margins.
Competitive advantage
Remitly's edge is corridor-level execution: licenses in many send markets, a payout network covering bank deposit, mobile wallet and cash pickup in a large number of receive countries, and risk models trained on years of remittance data. That combination lets it promise delivery times and keep fraud losses in check, which matters to customers who send money to family on a recurring schedule.
Starling Bank
How it makes money
Starling earns money in three ways. Retail banking offers free personal current accounts, which bring in customers and deposits. Business banking serves British small and medium-sized businesses and is its main source of profit.
Growth strategy
Starling is growing through software sales and lending rather than by opening consumer banks in new countries, which is expensive and heavily regulated. It sells its Engine platform to existing banks, including in Asia and the Middle East, and it is expanding mortgage and commercial lending in the UK, funded by its deposit base of about $16.8 billion (GBP 12.7 billion).
Competitive advantage
Starling's advantage is its own core banking software. It built its banking infrastructure in the cloud from the start, while older banks run on decades-old mainframe systems that cost far more to maintain. That keeps Starling's cost per account low. Its founder, Anne Boden, came from traditional banking, which helped the company work through UK banking regulation and obtain a full licence.
Questions about Remitly vs Starling Bank
Which company has higher revenue — Remitly Global, Inc. or Starling Bank?
Remitly Global, Inc. had $1.6B (FY2025), while Starling Bank had ~$1.2B (FY2026). By latest annual revenue, Remitly Global, Inc. is the larger business, with Starling Bank showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Remitly Global, Inc. vs Starling Bank?
Remitly Global, Inc. has a market capitalisation of $4.5B. A public market cap figure for Starling Bank was not available (it may be privately held).
How does revenue per employee compare for Remitly Global, Inc. and Starling Bank?
Remitly Global, Inc. has $454k / employee in revenue per employee, while Starling Bank has $335k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Remitly Global, Inc. and Starling Bank make money?
Remitly Global, Inc. and Starling Bank generate revenue in fundamentally different ways. Remitly Global, Inc.: Remitly earns most of its revenue on each transfer a customer sends: a transaction fee that varies by corridor, speed and funding method, plus a foreign-exchange spread between the rate Remitly pays for currency and the rate shown to the customer. Starling Bank: Starling earns money in three ways.
Is Remitly Global, Inc. bigger than Starling Bank?
By last reported revenue, Remitly Global, Inc. ($1.6B (FY2025)) is the larger company compared to Starling Bank (~$1.2B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Remitly vs Starling Bank overview