Starling Bank vs Wise: Revenue, Profit and Business Model
Starling Bank had ~$1.2B of annual revenue in FY2026. Wise had $2.5B of annual revenue in FY2026 and $498.7M of net income.
Latest financial snapshot
Starling Bank
- Latest annual revenue
- ~$1.2B (FY2026)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +25.1% a year, FY2023–FY2026
Wise
- Latest annual revenue
- $2.5B (FY2026)
- Net income
- $498.7M
- Net margin
- 19.9%
- Revenue growth
- +18.7% a year, FY2024–FY2026
Financial summary
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.
Wise
Wise reports in U.S. dollars under US GAAP for fiscal years ending March 31. FY2026 net revenue was $2,502.8 million, up 19% from $2,098.9 million in FY2025. Income before tax was $660.4 million (a 26% margin) and net income was $498.7 million, both lower than FY2025's $717.5 million and $550.3 million. In Q1 FY2027 (quarter ended June 30, 2026), net revenue rose 25% year on year to $714.0 million on $69.3 billion of cross-border volume. Wise announced a share purchase program of more than $500 million alongside its FY2026 results.
Revenue and profit by year
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 |
Wise
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $2.5B | $498.7M | 19.9% | +19.2% | Source |
| FY2025 | $2.1B | $550.3M | 26.2% | +18.2% | Source |
| FY2024 | $1.8B | $501.5M | 28.2% | — | Source |
Where the revenue comes from
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.
Wise
- Cross-border revenue
About $1.3B in FY2026
Fees on international transfers and conversions; average take rate 0.52%.
- Card and other revenue
About $0.6B in FY2026
Mainly income from spending on Wise debit cards.
- Net interest on customer balances
About $0.8B interest income less $0.2B paid out in FY2026
Interest earned on safeguarded customer holdings, net of interest passed to customers.
Business model and strategy
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.
Wise
How it makes money
Wise earns transaction revenue in two buckets. Cross-border revenue comes from the fees on international transfers and conversions; in FY2026 the average cross-border take rate was 0.52% of volume, down from 0.58% a year earlier because Wise passes scale savings back as lower prices. Card and other revenue comes mainly from spending on Wise debit cards, which reached $43.6 billion in FY2026.
Growth strategy
Wise is adding licenses and direct payment-system connections (FY2026 added South Africa, the UAE, and Thailand licenses and direct links in Brazil and Japan), signing more banks to Wise Platform (UniCredit, Raiffeisen Bank, MBSB Bank, and Capitec), and extending Assets, its product for earning a return on balances, to new markets such as Brazil.
Competitive advantage
Wise's edge is its own payment infrastructure: licenses in many jurisdictions and direct access to domestic payment systems, including new direct connections in Brazil and Japan during FY2026.
Questions about Starling Bank vs Wise
Which company has higher revenue — Starling Bank or Wise Group plc?
Starling Bank had ~$1.2B (FY2026), while Wise Group plc had $2.5B (FY2026). By latest annual revenue, Wise Group plc is the larger business, with Starling Bank showing a smaller revenue base.
How does revenue per employee compare for Starling Bank and Wise Group plc?
Starling Bank has $335k / employee in revenue per employee, while Wise Group plc has $455k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Starling Bank and Wise Group plc make money?
Starling Bank and Wise Group plc generate revenue in fundamentally different ways. Starling Bank: Starling earns money in three ways. Wise Group plc: Wise earns transaction revenue in two buckets.
Is Starling Bank bigger than Wise Group plc?
By last reported revenue, Wise Group plc ($2.5B (FY2026)) 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 Starling Bank vs Wise overview