Challenger bank Starling Bank could go public as early as in three years’ time, according to a new interview with the founder.
Contrary to what many might have speculated, Anne Boden told This Is Money that she would rather pick going through an initial public offering on the London Stock exchange rather than selling out to a big bank.
“’I didn’t do all of this to sell out to a big bank. I think the future for us will be an IPO in two to three years’ time, she said.
“We’re demonstrating a path to profitability that other digital banks have not and we plan to break even at the end of next year.”
Breaking even is not the only thing on Boden’s to-do list. As part of an investment from Royal Bank of Scotland in February 2019, Starling Bank had agreed to lend small- and medium-sized business in the UK £913m by 2023.
However, as of early December, the digital bank had reportedly only lent £782,000 to SMEs. That is roughly 1% of the total promised.
Starling Bank said it was only the beginning of its four-year commitment.
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