Anne Boden, who founded Starling in 2014 after holding positions at banking groups including Allied Irish Banks and Lloyds, has reduced her stake in the digital bank to approximately 2.7%, down from 4.3% previously.
The move follows Starling’s 2024 secondary sale, which aimed to allow existing shareholders to partially liquidate their holdings while creating room for new investors. According to the Financial Times, the bank targeted a valuation of between £3.5 billion and £4 billion as part of the transaction.
Key shareholders maintain their positions
Data show that Guernsey-based investment firm Chrysalis Investments retained a stake of over 10% in Starling. Chrysalis, for which Starling represents around 53% of its total portfolio, has been a key backer of the bank since 2019, leading a £30 million funding round that year and investing a further £20 million in 2023.
Starling’s largest shareholder, billionaire Harald McPike, also retained a stake exceeding 40% through his investment vehicle, JTC Holdings.
U.S. listing under consideration
Over the past year, Starling’s management has become more open to the possibility of a U.S. stock market listing—a notable shift from previous positions. Chief Financial Officer Declan Ferguson stated that the bank has not yet formed a “definitive view” on the most suitable market for a future public offering, noting that decisions remain “under consideration.”
This contrasts with former CEO John Mountain’s stance in 2024, when he described Starling as “strongly committed” to a London listing, calling the city the bank’s “natural home.” Mountain succeeded Boden as CEO in May 2023. Reports suggest Boden’s departure was linked to disagreements with investors after Jupiter sold its stake in Starling at a price below the prior year’s valuation.