Jupiter Fund Management is interested in parting with its 10% ownership stake in top UK digital bank – Starling Bank, according to a report.
Sky News says that Jupiter may sell the shares at over £200 million, perhaps a transaction may entail a discount.
The shares of Starling Bank are said to be held in Jupiter’s UK Mid Cap Fund, which has guidelines that limit the value of any single private firm to 10% – a threshold the shares in Starling may be nearing.
Starling Bank is one of the highest-ranked banks in the UK. A recent review by the Competition and Markets Authority placed Starling in first place for both business and personal current accounts – beating out all of the incumbent, legacy banks.
This past July, Starling reported its first full year of profitability. In June, Starling Bank reported topping 3 million accounts.
In April, Starling Bank raised £130 million at a £2.5 billion valuation.
Starling is also reportedly nearing contracts for its Engine subsidiary which offers a Software as a Service for its Fintech tech stack.