Goldman-backed digital bank Starling reports first annual profit

British digital bank Starling on Thursday reported its debut annual profit as revenues at the firm almost doubled.

The lender swung to a pre-tax profit of £32.1 million ($38.3 million) in its fiscal year ending March 2022, having lost £31.5 million a year earlier.

Revenues at the start-up reached £188 million, up nearly 93% from 2021.

It marks a rare show of strength in the fintech sector at a time when some firms in the space are dealing with reduced valuations and racking up hefty losses.

Klarna, the Swedish buy now, pay later firm, recently saw its valuation nosedive 85%, while publicly-listed rival