Jupiter Fund Management is currently in talks to sell its whole 10% stake in Starling Bank months after the digital lender’s valuation passed £2.5bn, Sky News noted. The £200 million sell-off comes as Jupiter aims to shut down liquidity chatter about its ‘open ended’ UK Mid Cap Fund, which appears to be vulnerable to an investor run in light of dropping values.
Sources told reporters that Citi has been instructed to look for a buyer for the stake, which has been hawked to “dozens” of perceptive investors.
United Kingdom digital bank Starling turned a £32m profit for the past financial year, marking its first full year of profitability. Unlike other fintechs, Starling has also seen its market valuation increase in the past 12 months, reaching £2.5bn in April 2022.
Jupiter’s 10% dump might be sold at a considerable discount to the valuation.