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STARLING BANK GEARS UP TO BUY LENDING BUSINESS IN A BID TO FUEL GROWTH AHEAD OF
STOCK MARKET FLOTATION

 * The digital bank is backed by large firms including Fidelity and Goldman
   Sachs 
 * It's on the hunt for firms ranging from small lenders to mortgage providers
 * CEO Anne Boden said: 'We have deposit balances which we need to make work' 

By Emma Dunkley City Correspondent For The Mail On Sunday

Published: 00:02, 26 December 2021 | Updated: 00:02, 26 December 2021



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Starling Bank is gearing up to buy a lending business in an attempt to fuel
growth ahead of a stock market flotation. 

The digital bank – which is backed by large institutions including Fidelity and
Goldman Sachs – is on the hunt for companies ranging from small business lenders
to mortgage providers. 

Anne Boden, founder and chief executive of Starling, told The Mail on Sunday:
'We're looking for a new lending business. We're out there looking for one or
more lending platforms. We have deposit balances which we need to make work for
us.' 


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Anne Boden is the founder and chief executive of Starling

Starling launched in 2014 and is a branchless, app-based bank that provides
digital services for its customers. 

It has grown its customer deposit base to £8billion, while its loan book sits at
about £3billion. Starling acquired Fleet Mortgages earlier this year for
£50million in cash and shares, giving it a foothold in the buy-to-let market. 

Boden said: 'We've acquired Fleet. That's been very successful. We're likely to
do one or more similar acquisitions in the same sort of model. We expect there's
going to be a lot of activity in the first half of next year.' 


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The bank, which turns a monthly profit, is eyeing a flotation as soon as the end
of next year. Starling was valued at $1.5billion (£1.1billion) earlier this
year. Boden hopes the flotation will take place in London. 

She said: 'Lots of financial technology businesses would find it difficult to
float in London because they're not profitable and they don't have good
governance. 

'But Starling is a bank, so we have a huge amount of governance and we're very
profitable.' 

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STARLING BANK LOOKS TO FUEL GROWTH AHEAD OF STOCK MARKET FLOTATION 

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