Starling Bank CEO Anne Boden.
Starling Bank
The co-founder of Starling, one of the UK’s largest digital banks, will step down as CEO next month, the company said on Thursday.
Starling, backed by the US investment banking giant Goldman bookis one of the most prominent fintechs in the country with a user base of 3.6 million customers.
Anne Boden will step down on June 30, according to a press release. She will hand the reins to Starling’s chief executive, John Mountain, who has been with the bank since 2015.
Boden said in a statement on Thursday: “I have spent almost a decade here as Founder and CEO, a dual role unique to a UK bank. “It’s all consuming and I love every minute of it.”
“Now that we’ve grown from an ambitious challenger to a long-standing bank, it’s clear that the roles and priorities of a CEO and a major shareholder are ultimately different and require different ways. different approach. As Starling continues to grow and grow, it is in the best interest of the bank to separate my two roles.”
Starling reported annual revenue of £453 million ($600 million) for the year to March 31, 2023, more than double from 2022, with pre-tax profits of £195 million, up six times more than the previous year.
Total loans stood at £4.9 billion, up from £3.3 billion. Customer deposits increased 17% to £10.6 billion.
Boden, who co-founded Starling in 2014, has taken the startup from a small banking challenger to a major UK financial player.
The often outspoken CEO is a key voice behind the UK government’s drive to turn it into a long-standing fintech hub.
She is also a strong critic of social media’s role in online fraud as well as a well-known crypto skeptic.
In a call with reporters on Thursday, Boden said the main driver of her decision was concerns that her substantial stake in the company could create a conflict of interest.
Boden owns a 4% stake in Starling.
She added that it was she, not the company’s board, that initiated the conversations about her departure.
Starling has raised a total of £946.5 billion to date from investors including Goldman Sachs, Fidelity and Qatar Investment Authority. The bank was last valued at £2.5 billion.
In response to a question from CNBC on Thursday, Boden said that, if the company raised capital today, its stock would not have depreciated in value from its last price.
When asked how her plans to step down could affect Starling’s path towards an initial public offering, Boden said the IPO market is now closed and the company is in no hurry. instant gold.
The UK has received a lot of criticism from top tech bosses over its tech listing environment – earlier this year Revolut’s CEO said he would never list in London .
Boden says that Starling has yet to decide on a listing location for its final public offering, however the UK will likely be where it launches.
“We need to keep our options open. This is not the right time to make a decision on where to list, but we are a UK bank and a very successful bank. of the United Kingdom,” said Boden.
“Customers love us and the default situation will be a listing in the UK because of consumer enthusiasm for a strong brand like Starling.”
