Digital bank Starling reports its First Annual Profit ,While other Fintechs stumble.

U.K. Digital bank Starling reported its debut annual profit as revenues at the firm almost doubled.

Starling swung to a pre-tax profit of £32.1 million in the 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 fintech at a time when some firms in the space are seeing their valuations drop and Facing Hefty Losses.

Klarna, the Swedish buy now, pay later firm, recently saw its valuation nosedive 85%, while Affirm has fallen 69% year-to-date.

Starling CEO Anne Boden said, "What we’re seeing is that there is a correction in fintech stocks that are not profitable".

Based in London, Starling is one of a multitude of digital-only banks that flooded the U.K. in the past decade.