Starling Bank has hired Barclays, Citi, and Goldman Sachs to evaluate listing options on both the London Stock Exchange and the New York Stock Exchange, according to three people with knowledge of the mandate. The digital bank, founded by Anne Boden in 2014 and now led by CEO Raman Bhatia, reported revenues of £709 million for the year ending March 2025, with pre-tax profits of £301 million. The bank's strong financial performance has attracted interest from US investors who have urged the company to consider a New York listing to maximise its valuation.

The dual-track exploration reflects an ongoing tension in the UK fintech ecosystem between the pull of deeper US capital markets and political pressure to list domestically. Chancellor Rachel Reeves has made attracting tech IPOs to London a centrepiece of her capital markets reform agenda, introducing tax incentives for UK retail investors who participate in domestic tech listings and streamlining the FCA's prospectus approval process. Starling's decision will be closely watched as a bellwether for whether these reforms are sufficient to compete with the liquidity and analyst coverage available on US exchanges.

People close to the process said Starling is likely to make a final decision on listing venue by early 2026, with a target IPO date in the first half of the year. The company's valuation is expected to fall between £8 billion and £10 billion, depending on market conditions and the chosen exchange. Fleet Street analysts noted that Starling's heavily UK-focused revenue base and regulated banking licence may favour a London listing, while a New York debut could unlock a premium valuation from growth-oriented US fund managers.