LONDON — British digital bank Starling expects to go public in two years’ time, CEO and founder Anne Boden said Tuesday.
An initial public offering is “a year or two off,” Boden told reporters. “It’s at least one year away. But we’re talking about one or two years away.”
Starling, which counts Goldman Sachs, Fidelity Investments and Qatar’s sovereign wealth fund as investors, is one of the U.K.’s leading challenger banks.
Along with other start-up competitors like Monzo and Revolut, Starling has attracted millions of users through only an app and a linked payment card — no physical branches.
Boden said Starling’s IPO was likely to take place in London, where the company is headquartered.
“I very much hope we can do it in London,” she said. “I think that would be the default option, unless we’re persuaded otherwise.”
A stock market debut for Starling would add to a series of high-profile floats in the U.K.’s fledgling technology sector.
Fellow fintech firm Wiselisted directly on the London Stock Exchange at an $11 billion valuation earlier this year. Food delivery giant Deliveroo had less success with its IPO, with shares sinking as much as 30% on the first day of trading.
Though Britain has produced successful tech companies like Google-owned artificial intelligence firm DeepMind and Arm, the chip designer being sold by SoftBank to Nvidia, it has yet to mint publicly-listed tech companies of a scale matching that of those in the U.S. or China.
Founded in 2014, Starling began life offering fee-free checking accounts through an app. It has since branched into lending and business banking, both of which helped the company break even recently.
The early days of Starling were marred by a bitter dispute between Boden and co-founder Tom Blomfield, who left to start rival online bank Monzo. The spat was the subject of a book released by Boden last year, called “Banking On It.”
“It occurred to me that, up until now, I’d always marked our progress against Monzo, since they were our rival challenger bank and had launched at almost the same time,” Boden said in a new print version of her book, which is due to be released Thursday.
“The extraordinary experiences of the year 2020 made it clearer than ever that our competitors are now Lloyds, Barclays et al.”
Still, the challengers remain some way away from stealing significant market share from much larger incumbents. Starling, which was last privately valued at $1.5 billion, made £97.6 million ($133.2 million) in 2019, a figure that pales in comparison to that of traditional lenders like HSBC, Barclays and NatWest.
Musk, the world’s richest person, started going after Navarro over the weekend, posting on X that a “PhD in econ from Harvard is a bad thing, not a good thing,” a reference to Navarro’s degree. Whatever subtlety remained at the beginning of the week has since vanished.
On Tuesday, Musk wrote that “Navarro is truly a moron,” noting that his comments about Tesla being a “car assembler,” as much are “demonstrably false.” Musk called Navarro “dumber than a sack of bricks,” before later apologizing to bricks. Musk also called Navarro “dangerously dumb.”
Musk’s attacks on Navarro represent the most public spat between members of President Trump’s inner circle since the term began in January, and show that the steep tariffs announced last week on more than 180 countries and territories don’t have universal approval in the administration.
When asked about the feud in a briefing on Tuesday, White House press secretary Karoline Leavitt said, “Look, these are obviously two individuals who have very different views on trade and on tariffs.”
“Boys will be boys, and we will let their public sparring continue,” she said.
For Musk, whose younger brother Kimbal — a restaurant owner, entrepreneur and Tesla board member — has joined in on the action, the name-calling appears to be tied to business conditions.
Tesla’s stock is down 22% in the past four trading sessions and 45% for the year. Tesla has lost more tha $585 billion in value since the calendar turned, equaling tens of billions of dollars in paper losses for Musk, who is also CEO of SpaceX and the owner of xAI and social network X.
Even before President Trump detailed his plan for widespread tariffs, he’d already placed a 25% tariff on vehicles not assembled in the U.S. Many analysts said Tesla could withstand those tariffs better than competitors because its vehicles sold in the U.S. are assembled domestically.
But the company’s production costs are poised to increase because of the tariffs on materials and parts from foreign suppliers. Canada and Mexico are among the leading sources of U.S. steel imports, and Canada is the nation’s largest supplier of aluminum, while China and Mexico are home to major suppliers of printed circuit boards to the automotive industry.
At a recent an event hosted by right-wing Italian Deputy Prime Minister Matteo Salvini, Musk said, “Both Europe and the United States should move, ideally, in my view, to a zero-tariff situation, effectively creating a free trade zone between Europe and North America.”
Musk, whose view on trade relations with Europe stands in stark contrast to the policies implemented by the president, has a vested interest in the region. Tesla has a large car factory outside of Berlin, and the European Commission previously turned to SpaceX for launches.
Even before the tariffs, Tesla’s business was faltering. Last week, the company reported a 13% year-over-year decline in first-quarter deliveries, missing analysts’ estimates. That report that landed days after Tesla’s stock price wrapped up its worst quarter since 2022.
Musk, who spent roughly $290 billion to help return Trump to the White House, is now leading the Department of Government Efficiency, or DOGE, which has slashed costs, eliminated regulations and cut tens of thousands of federal jobs. In the first quarter, Tesla was hit with waves of protests, boycotts and some criminal activity that targeted vehicles and facilities in response to Musk’s political rhetoric and his work in the White House.
Satya Nadella, CEO of Microsoft, laughs as he attends a session at the World Economic Forum in Davos, Switzerland, on Jan. 23, 2020.
Denis Balibouse | Reuters
Apple‘s 23% plunge over the past four trading sessions has again turned Microsoft into the world’s most valuable public company.
As of Tuesday’s close, Microsoft is worth $2.64 trillion, while Apple’s market cap stands at $2.59 trillion.
While the market broadly is getting hammered by President Donald Trump’s sweeping tariff plan, Apple is getting hit the hardest among tech’s megacap companies due to the iPhone maker’s reliance on China.
The Nasdaq is down 13% over the past four trading days, as President Trump’s decision to impose tariffs on imports from more than 100 countries has sparked fears of a recession brought on by rising prices. UBS analysts on Monday predicted that the price of the iPhone 16 Pro Max could jump as much as $350 in the U.S.
Both Apple and Microsoft, along with chipmaker Nvidia, were previously valued at upward of $3 trillion before the recent sell-off.
In January, Microsoft issued disappointing revenue guidance. Nevertheless, last week, as Jefferies analysts reduced their price targets on many software stocks, they wrote Microsoft was among the “companies who we view as more insulated” from tariff uncertainty.
Technology stocks bounced Tuesday after three rocky trading sessions, spurred by rising optimism that President Donald Trump could potentially negotiate tariff deals with world leaders.
The sector is coming off a wild trading session after speculation that the White House could potentially delay tariffs fueled volatile swings. Alphabet, Meta Platforms, Amazon and Nvidia finished higher, while Apple, Microsoft and Tesla posted losses.
Trump’s wide-sweeping tariff plans have sparked violent turbulence over the last three trading sessions. Trading volume on Monday hit its highest in nearly two decades. Technology stocks gyrated after the Nasdaq Composite posted its worst week in five years and the Magnificent Seven group lost $1.8 trillion in market value over two trading sessions.
Chipmakers were excluded from the recent tariffs, but have come under pressure on worries that higher duties could diminish demand for products they are used in and slow the economy. The sector is also expected to see tariffs further down the road.
Elsewhere, Broadcom surged 9% after announcing a $10 billion share buyback plan through the end of the year. Marvell Technology also bounced more than 9% after agreeing to sell its auto ethernet business for $2.5 billion in cash to Infineon Technologies.