Saturday 3rd June 2023 | No. 56
XU Biweekly
The independent user news source for accounting apps and their ecosystems
Starling Bank 6x increase in profits A
NNE BODEN, FOUNDER OF STARLING BANK, IS TO STEP ASIDE AS CEO ON 30 JUNE AND WILL REMAIN ON THE BOARD AS A NON-EXECUTIVE DIRECTOR. JOHN MOUNTAIN, STARLING’S COO, WILL TAKE OVER AS INTERIM CEO TO LEAD THE DIGITAL BANK INTO ITS NEXT PHASE OF GROWTH. The move comes as Starling reports: • Revenue of £453 million for the year to 31 March 2023, more than double last year’s figure of £216 million. • Record pre-tax profits of £195 million for the year to 31 March 2023, a six fold increase on the previous year’s figure of £32 million. • Total lending of £4.9 billion, versus £3.3 billion
previously. • Customer deposits have increased 17% to £10.6 billion. Anne Boden said: “When I started Starling in 2014, I was told no one ever starts a bank, nobody wins market share and you’ll never make a profit. Today’s results prove them wrong. “We’ve succeeded in disrupting an entire industry. I’m immensely proud of these results, which are a testament to how far we have come as a team and how fast we’ve moved as a business. “I have spent nearly a decade here as both the founder and CEO, a dual role which is unique in UK banking. It’s been all-consuming and I’ve loved every minute of it. "Now that we have...
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HedgeFlows appoints former Xero Director Glen Foster to Advisory Board, ahead of Accountants Dashboard Launch
F
OSTER JOINS WITH DECADES OF EXPERIENCE AT LEADING ACCOUNTING SOFTWARE FIRM XERO, OVERSEEING THE SALES CYCLE AND COMPANY GROWTH. HedgeFlows, a financial toolkit for SMEs, has appointed former Xero Sales Director Glen Foster to its advisory board ahead of the launch of a new Accountants Dashboard. With his extensive experience in the accounting and financial services sec-
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tors, Foster will accelerate HedgeFlows’ expansion by championing its accountancy solutions to partners and prospective clients. During his 12-year tenure at accounting software giant Xero, Foster played a pivotal role in overseeing the sales cycle and driving company growth. Prior to joining HedgeFlows, he served as the Managing Director UK&I at Libeo. The news precedes the upcoming Digital Accountancy Show in June, where Foster and HedgeFlows
will unveil and showcase its solutions for accountants through demonstrations at the event. Glen Foster, Advisory Board Member for HedgeFlows, said: “Accountants witness first-hand the challenges of doing business internationally but often feel at a loss as to how to properly support SMEs who are being held back from international growth. Financial toolkits and platforms are essential to providing proper advice and guidance to businesses and I’m looking forward to
working with HedgeFlows to develop these services and deliver first-class support to accountants.” Neh Thaker, Co-Founder of HedgeFlows, commented: “We are delighted to welcome Glen to our Advisory Board, bringing decades of accounting software experience at leading firms in the industry. Doing business internationally can be a risky and unsettling process for SMEs and early-stage businesses, and it is vital that...
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Paytron joins the OFX Group
W
E ARE THRILLED TO SHARE THAT PAYTRON HAS SIGNED A SALE AGREEMENT TO BE ACQUIRED BY OFX GROUP (OFX.COM), THE INTERNATIONAL MONEY SERVICES PROVIDER HEADQUARTERED IN SYDNEY, WITH THE SALE EXPECTED TO CLOSE IN JULY.
to offer an even better user experience for your business, for your stakeholders and for your clients. When we have more detailed information on what will change and when, we will share that with you.
OFX has been serving clients since 1998. It was founded in a garage on Sydney’s northern beaches, but today is a global organisation with over 700 employees around the world and has been listed on the Australian Stock Exchange since 2013 (ASX: ‘OFX’).
We enter a new chapter through a shared ethos between OFX and Paytron. Our collective focus is to provide world-class service to businesses, complete with world-class cross-border payments, accounting workflows, virtual cards and a spend management platform. Paytron exists to transform financial operations for accountants, financial executives and bookkeepers, to get rid of challenging and time-consuming tasks with automation and smart workflows. Now, with the support and expertise of a trusted brand like OFX, we can scale and grow our efforts.
What does this mean for you? On a day-to-day basis, it’s business as usual with your Paytron team. Our team, applications and service will remain unchanged, and our commitment to you is our continued focus. We plan, in time, to combine the best of Paytron and OFX, to improve our service and capabilities to you. With the resources, capabilities and support of OFX Group, we are poised
What does this mean for us?
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