K-based asset manager owns a stake of approximately 10% in the challenger. According to the report, that share is worth over £200 million, which Jupiter may have to sell at a discount. the sale does not include the nearly 10% stake held by investment trust Chrysalis, which is managed by Jupiter’s fund managers Richard Watts and Nick Williamson. The UK challenger bank raised £130.5 million in funding at a valuation of £2.5 billion. Starling also withdrew its application for an Irish banking license in a rethink of its global expansion strategy.
Starling is a UK-based digital bank, disrupting the financial services industry. Founded in 2014 by Anne Boden, it was granted a banking license by the Bank of England in July 2016 and launched its first mobile personal current account in May 2017 available as a mobile app for both iOS and Android phones. It launched the UK’s first digital business bank account in March 2018. The Starling Marketplace provides customers with in-app access to a curated selection of third-party financial services. Starling also offers groundbreaking B2B banking and payments services.