The founder of Starling Bank has reduced her shareholding in the fintech, as new filings reveal that Anne Boden has cut her stake during a secondary share sale that valued the business at up to £4 billion.
Boden, who launched Starling in 2014 after senior roles at Allied Irish Banks and Lloyds, has lowered her holding to around 2.7 per cent from a previous 4.3 per cent, according to the disclosures.
The move follows a secondary share sale launched by Starling last year, aimed at allowing existing shareholders to sell down stakes while creating opportunities for new investors. At the time, the bank was targeting a valuation of between £3.5 billion and £4 billion, according to the Financial Times.
The filings show that Chrysalis Investments, which counts Starling as 53 per cent of its portfolio, retained a stake of more than 10 per cent. The Guernsey-based investment trust has been a long-term backer of Starling, leading a £30 million funding round in 2019 and investing a further £20 million in 2023.
Starling’s largest shareholder remains billionaire Harald McPike, who continues to hold more than 40 per cent of the company through his investment vehicle JTC Holdings.
The secondary sale comes amid a shift in tone from Starling’s leadership on a potential stock market listing. Over the past year, the bank’s senior team has signalled increased openness to a US flotation, marking a departure from earlier commitments to London.
Declan Ferguson, Starling’s chief financial officer, has said the bank has not yet formed a “concrete view” on the most suitable market for a listing, describing the decision as “in flux”. That contrasts with comments made in 2024 by former interim chief executive John Mountain, who said the fintech was “very committed” to a London listing and described the City as its “natural home”.
Mountain succeeded Boden as chief executive in May 2023. Her departure followed reports of tensions with investors after fund manager Jupiter sold its stake in Starling at a price below its previous valuation. Boden later said her decision to step down reflected concerns that her role as chief executive was being unduly influenced by her position as a shareholder.
When asked about her reduced stake, Boden declined to comment.
A spokesperson for Starling said: “During the last year, one of our shareholders agreed to sell some of their shares to another of our shareholders in a private, bilateral transaction. This was done with the company’s full knowledge and support.”
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Starling founder Anne Boden cuts stake in £4bn fintech