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Jupiter to sell Starling stake at discount - Sky

Jupiter to sell Starling stake at discount - Sky

Jupiter Fund Management is set to sell a seven per cent stake in Starling Bank at a significant discount on the digital bank's most recent valuation of £2.5 billion, according to Sky News.

Jupiter is in talks with existing Starling investors about offloading the stake for around £100 million, with a deal set to be finalised within weeks, says Sky, citing sources. Goldman Sachs is reported to be one interested buyer.

The sale would value Starling at around £1.5 billion, a billion pounds down its valuation at an internal fundraise in April.

Last month, Sky reported that Jupiter was looking to sell off its entire 10% stake in Starling for around £200 million.

Starling turned a £32m profit for the last financial year, marking its first full year of profitability.

However, the fintech sector has seen a host of big names - including Klarna and Stripe - see their valuations plummet over recent months.

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