Starling says IPO ‘in our sights’ amid reported big-bank interest
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Challenger bank Starling has said it has its sights set on an IPO after a report said City giants Lloyds and JP Morgan were interested in the company.
JP Morgan has talked about snapping up Starling, while Lloyds is interested in its technology, The Times reported.
However, Starling today said: “An IPO is still in our sights.” It stressed that founder and chief executive Anne Boden has always said she will “never sell to a big bank”.
The bank was founded in 2017 and is known alongside its rival Monzo for its easy-to-use app and brightly coloured card.
Both companies and similar fintechs have struggled to make a profit from their products, however. Their lack of a foothold in the world of lending has been a hindrance.
Yet Starling said this month that its profit of £800,000 in October made it “the first of the new breed of digital banks to break even”.
Its customer numbers have grown sharply thanks to being accredited to lend through the government-backed coronavirus support schemes.
The Times reported that JP Morgan’s interest in the fintech firm comes as it prepares to launch a UK retail bank in 2021. Starling had 1.42m retail accounts as of October.
JP Morgan declined to comment. Lloyds has been contacted for comment.