Starling Bank is inching towards an initial public offering (IPO) as the fintech advertises a group head of investor relations.
The fintech unicorn is recruiting for a London-based role, which will “play a role alongside senior management, appointed advisors and underwriters to execute a successful IPO or other capital event”.
The job description also said the new hire would “support the business in its steps towards its consideration of IPO readiness”, suggesting the upcoming exit event is at an early stage.
A spokesperson for Starling Bank told UKTN: “This new role will play a part, amongst other roles, in supporting the CEO and CFO with existing investor relationships and support them in considering the long term future, which might include a possible IPO.”
Financially, Starling is in a strong position, having posted its third full year of profitability in June, raking in £301m in pre-tax profits. The challenger bank first reported a profit in July 2022.
It still remains early days, however, for Starling Bank CEO Raman Bhatia, the former OVO Energy chief who took the helm earlier this year following the departure of founder Anne Boden.
Boden announced she would leave in May 2023, saying it was the “right time”, with the group having posted its second year of profit.
On the appointment of Bhatia, Boden said he was “someone who can take Starling into its next phase of growth”.
The destination of a potential IPO for Starling Bank will be watched closely, as the London markets continue to struggle to attract IPOs from tech firms.
Last week, it was reported that City Minister Tulip Siddiq planned to hold talks with fellow fintech Revolut with the hope of convincing the $45bn group to consider London in a listing event.
A spokesperson for the Treasury told UKTN Siddiq will meet with a range of industry figures, including Revolut and Starling Bank, however, declined to comment on the specifics of any discussion.