REG - Chrysalis Investment - Portfolio Update - Engine contract

Chrysalis InvestmentsAnnouncement

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RNS Number : 1534G  Chrysalis Investments Limited  04 November 2025

The information contained in this announcement is restricted and is not for
publication, release or distribution in the United States of America, any
member state of the European Economic Area (other than to professional
investors in Belgium, Denmark, the Republic of Ireland, Luxembourg, the
Netherlands, Norway and Sweden), Canada, Australia, Japan or the Republic of
South Africa.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 which forms part of domestic law in the United Kingdom
pursuant to The European Union Withdrawal Act 2018, as amended by The Market
Abuse (Amendment) (EU Exit) Regulations 2019.

 

4 November 2025

 

 

Chrysalis Investments Limited ("Chrysalis" or the "Company")

 

Portfolio Update - Engine contract

 

 

The Company notes Starling Group's announcement today of a major contract for
Engine by Starling ("Engine", the Group's SaaS (Software-as-a-Service)
business) with Tangerine, a wholly owned subsidiary of Scotiabank.

 

Tangerine is a Canadian digital bank with over two million customers, nearly
C$40 billion in assets and 1,200 employees; it has been voted top for client
satisfaction for 14 consecutive years by JD Powers (midsize personal banks).

 

With C$1.4 trillion in assets, Scotiabank is one of the biggest banks in North
America and trades on both the Toronto and New York stock exchanges, with a
market capitalisation of approximately C$114 billion (c£62 billion).

 

The ten-year agreement will allow Tangerine to "supercharge its client
experience and embark on an ambitious new phase of growth", and see its
customers in Canada move onto Engine's platform. Tangerine becomes Engine's
first North American client after Engine announced new offices in New York and
Toronto earlier this year.

 

As of 30 September 2025, Starling comprised 46.5% of the Company's NAV.

 

Terri-Lee Weeks - CEO of Tangerine - commented: "Tangerine chose Engine to
help build the future of banking services for our clients - delivering a
premier banking experience with intuitive, personalised features that evolve
with client needs. Engine's modern core banking system uniquely provides an
end-to-end platform on which Tangerine can innovate quickly and continuously,
reducing the time-to-market for new products and features, and delivering
world-class experiences for our clients - all while staying true to the
client-first design that Tangerine is known for in Canada".

 

Nick Williamson and Richard Watts (Managing Partners of the Investment
Adviser) comment:

 

"We view this deal as transformational for Engine.

 

Not only is it Engine's first migration of an existing customer base, it is
also with a subsidiary of one of the biggest banks in North America. We view
the fact that Tangerine has chosen to switch to Engine as a resounding
endorsement of Starling's technology platform, particularly given Tangerine's
impressive customer service reputation.

 

Having deployed Engine to its two existing customers - Salt Bank and AMP Bank
GO - within 12 months, we have great faith in Engine's ability to successfully
onboard Tangerine's customers. We see this as a very exciting prospect that
will open up the significant opportunity of global banking IT serving existing
customers, thus greatly expanding Engine's addressable market.

 

We would like to congratulate Sam Everington (CEO of Engine), his team and all
at Starling on this success.

 

Engine's pipeline of potential interest remains strong."

 

-ENDS-

 

 For further information, please contact:

 Media                                             +44 (0) 7921 881 800

 Montfort Communications:                          chrysalis@montfort.london

 Charlotte McMullen / Imogen Saunders

 Investment Adviser                                +44 (0) 20 7871 5343

 Chrysalis Investment Partners LLP:

 James Simpson

 AIFM                                              +44 (0) 20 7397 5450

 G10 Capital Limited:

 Maria Baldwin

 Deutsche Numis:                                   +44 (0) 20 7260 1000

 Nathan Brown / Matt Goss

 Panmure Liberum:                                  +44 (0) 20 3100 2222

 Chris Clarke / Darren Vickers

 Barclays Bank PLC:                                +44 (0) 20 7623 2323

 Dion Di Miceli / Stuart Muress / James Atkinson

 IQEQ Fund Services (Guernsey) Limited:            +44 (0) 1481 231 852

 Aimee Gontier / Elaine Smeja

 

LEI: 213800F9SQ753JQHSW24

A copy of this announcement will be available on the Company's website at
https://www.chrysalisinvestments.co.uk
(https://www.chrysalisinvestments.co.uk)

The information contained in this announcement regarding the Company's
investments has been provided by the relevant underlying portfolio company and
has not been independently verified by the Company. The information contained
herein is unaudited.

This announcement is for information purposes only and is not an offer to
invest. All investments are subject to risk. Past performance is no guarantee
of future returns. Prospective investors are advised to seek expert legal,
financial, tax and other professional advice before making any investment
decision. The value of investments may fluctuate. Results achieved in the past
are no guarantee of future results. Neither the content of the Company's
website, nor the content on any website accessible from hyperlinks on its
website for any other website, is incorporated into, or forms part of, this
announcement nor, unless previously published by means of a recognised
information service, should any such content be relied upon in reaching a
decision as to whether or not to acquire, continue to hold, or dispose of,
securities in the Company.

The Company is an alternative investment fund ("AIF") for the purposes of the
AIFM Directive and as such is required to have an investment manager who is
duly authorised to undertake the role of an alternative investment fund
manager ("AIFM"). The AIFM appointed is G10 Capital Limited (part of the IQEQ
Group). Chrysalis Investment Partners LLP is the investment adviser to G10
Capital Limited. Chrysalis Investment Partners LLP (FRN: 1009684) is an
Appointed Representative of G10 Capital (FRN: 648953) Limited, which is
authorised and regulated by the Financial Conduct Authority.

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