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Investing.com -- Chrysalis Investments Limited on Tuesday announced its unaudited net asset value (NAV) per ordinary share was 171.65 pence as of September 30, 2025, representing a 1.1% decrease from June 30.
The company reported that despite the quarterly decline, NAV increased 21.5% over the financial year ended September 30, 2025, with Starling Bank being the key driver of growth.
The quarter’s most significant event was Klarna’s IPO on the New York Stock Exchange on September 9 at $40 per share, valuing the company at approximately $15 billion.
Chrysalis did not sell shares at IPO and is subject to a six-month lock-up period. After strong initial performance, Klarna’s shares weakened toward quarter-end amid broader sector pullback.
Starling Bank continued its development with the launch of new AI tools, including "Spending Intelligence" in June and "Scam Intelligence" in October. The bank also acquired Ember, an accounting and tax software provider for SMEs, in August.
Richard Watts and Nick Williamson, Managing Partners of Chrysalis Investment Partners LLP, expressed optimism about Starling’s Engine proposition, noting the CFO’s earlier comment that he saw a "credible path to £100 million of recurring revenue within two years."
Chrysalis continued implementing its Capital Allocation Policy, buying back £17 million in shares during the quarter, bringing total capital returned to £86 million by quarter-end and £93 million by October 31.
As of September 30, the company had gross cash and equivalents of approximately £118 million and positions in Klarna and Wise worth approximately £115 million and £3 million respectively, giving a total liquidity position of approximately £236 million (27% of NAV). Shortly after quarter-end, Chrysalis repaid £10 million of its term loan, reducing the outstanding amount to £60 million.
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