Anne Boden, the founder of Starling Bank, has resigned from the board to pursue an artificial intelligence venture. Boden, who established the digital bank in 2014, is now focusing on AI By Boden, a company she registered last year.
The Swansea-born banker and former computer scientist stepped down from Starling’s board in June but retains a stake in the company, understood to be just below five per cent.
The news was first reported by the Sunday Times.
Boden, who left her position as chief executive last year to the City’s surprise, has declined to comment on her future plans.
Her extensive 30-year career in banking included roles at major institutions such as the Royal Bank of Scotland and Allied Irish Bank.
She conceived the idea for a digital-only bank in the wake of the financial crisis, founding Starling just before other challenger banks like Revolut and Monzo cropped up.
Unlike its rivals, which pursued loss-making, hyper-growth strategies, Starling has maintained a more cautious approach.
The firm recently reported a pretax profit of £301.1m for the year ending on 31 March 2024, up 55 per cent from £194.6m the year before.
In 2021, Boden outlined plans for a London float in 2022 or 2023, although plans were frozen after she stepped down.
Interim boss John Mountain said last month that Starling is still “very committed” to an IPO and is not considering other markets than the London Stock Exchange.
The bank declined to comment directly on Boden’s departure, but its annual report noted her desire to “focus on her other interests.”
The report also highlighted that her contribution to Starling’s success “cannot be overstated.”
Boden has often spoken about the challenges she faced in a male-dominated industry and the skepticism from investors. In a recent interview with City A.M., she said: “Many investors turned me down because they felt I had too much experience and went and invested in fintechs run by people who are less experienced and probably not as courageous.”