Chrysalis upgrades Starling valuation despite cut-price Boden sale

Chrysalis Investments has lifted the value of its stake in Starling despite the recent cut-price share sale by the fintech’s founder Anne Boden. The British investment trust said on Monday its holding carried a price tag of around £403.9m, up by £47.9m following an external review. The trust holds around an 11 per cent stake in Starling, which would give the broader group a valuation of around £3.4bn when using Chrysalis benchmark. It comes just weeks after news emerged that Boden, the group’s former chief executive, offloaded her remaining stake in Starling at a valuation of just £1.7bn marking a far cry from the £4bn the firm sought in a secondary share sale last year. Chrysalis said it noted the speculation around Boden’s private sale but “considered its nature” and did “not believe that it impacts the company’s valuation”. The London-listed tapped a strategy consultancy to conduct a new independent valuation review of Starling that split the business into two distinct