Starling Bank Targets Lending Acquisition Before IPO: Mail
(Bloomberg) -- Digital-only startup Starling Bank Ltd is on the hunt for a lending business to buy before its stock market debut, the Daily Mail reported, citing the bank’s founder and Chief Executive Officer Anne Boden.
Boden told the paper the bank is aiming to acquire at least one lending platform in the first half of 2022. Starling has already made one such acquisition, buying Fleet Mortgages Ltd in July.
“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,” Boden is quoted as saying. “We have deposit balances which we need to make work for us.”
Starling said earlier this year that it was on course to deliver its first full year of profitability, after more than halving losses in the 16-months prior to March 21. It is targeting an initial public offering in late 2022 or 2023, the FT earlier reported.
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