Anne Boden reportedly sells final Starling stake at £1.7bn valuation

Anne Boden has reportedly sold her remaining 2.7% holding in Starling Bank in a private transaction that valued the UK digital lender at £1.7bn. Sky News reported that the Anne Boden Starling stake sale would have produced roughly £45m in proceeds, while neither Boden nor Starling confirmed the transaction.

The reported price is less than half of the £4bn valuation Starling was said to have sought in a secondary-share process the previous year. That earlier process was intended to allow some existing shareholders to sell down their holdings, according to Sky News. Sifted separately reported the £1.7bn figure on October 20.

The transaction does not establish an official or definitive current valuation for Starling. It is a reported price for the founder's minority stake in a private sale, whereas the £4bn figure was a reported target from a separate process. For the distinction between transaction pricing and a financing valuation, see Venture Post's guide to startup valuation.

Who bought Anne Boden's remaining Starling shares?

Sky News said the buyer group comprised existing Starling shareholders, including Harald McPike, whom it identified as the bank's largest investor. The Sunday Times had reported the sale first, Sky News said, but did not disclose a valuation.

Boden told Sky News she was unable to comment. Starling declined to comment to the broadcaster. That leaves the reported stake size, buyers and transaction valuation unconfirmed by the seller and company.

How does the reported £1.7bn valuation compare with Starling's prior target?

The reported £1.7bn valuation is £2.3bn below the £4bn level Starling was said to be pursuing in last year's secondary sale process. On those figures, it is about 57.5% lower than the earlier target. The available reporting does not say why the sale was priced at that level or why Boden chose to sell.

Boden founded Starling in 2014 and left the bank in 2023, according to Sky News. Her reported disposal of the final stake would end her financial holding in the company she started, but the parties have not publicly verified the terms reported by Sky News and Sifted.

For operators and investors, the useful signal is narrow: a reported secondary transaction has a stated implied valuation, not a company-announced funding round or a public-market price. Without disclosed share terms, transaction documents or confirmation from Starling, the report cannot determine how broadly that price should be applied to the bank's equity.

This story draws on original reporting from Sifted.