Starling bank chief executive Anne Boden has said an initial public offering (IPO) is “a year or two off,” according to sources reported by CNBC.
The sources said the IPO is likely to take place in London according to Boden, who said “I think that would be the default option, unless we’re persuaded otherwise.”
The news comes after Starling announced plans to expand across Europe during the first half of 2023 in September.
Starling was founded in 2014 by Boden, former Allied Irish Banks’ chief operating officer, and the London-based digital challenger bank provides both consumer and business banking services.
The firm received its banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in July 2016.
Starling would not be the only UK FinTech to pursue a public listing during 2021. In July, Wise was valued at nearly £9 billion in a direct listing on the London Stock Exchange (LSE).
Starling has experienced significant growth since its inception. It had the highest net gains for current account switchovers of any bank in the UK in the first quarter of 2021.
According to the latest Current Account Switch Service (CASS) Dashboard, 17,769 people switched to the challenger bank over the period.
Starling has also been active in terms of rolling out new features. The bank today introduced Bills Manager, a new feature which enables customers to have a direct debit or standing order taken from money set aside in any of their ‘Savings Spaces’.
The reports come as new entrants are making moves into the UK digital banking space.
Last month, JPMorgan Chase - which is the largest consumer bank in the United States - officially announced the launch of its new digital bank in the UK under the Chase brand.
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