Take a fresh look at your lifestyle.

Atom Bank wants to raise £40m for IPO

112

Atom Bank looks to raise more than £40m for listing

  • It is clear that the unbanked bank will tap into existing shareholders and new ones
  • The fundraiser is expected to be the last before it floats in the stock market










Atom Bank is aiming to raise more than £40 million from investors by the end of the year, The Mail on Sunday can reveal.

The digital bank is backed by investment giants Toscafund Asset Management and Schroders, as well as Spanish banking giant BBVA.

It is clear that the branchless bank, which can be accessed via mobile phones, will appeal to existing shareholders and attract new investors.

Atom is still loss-making, but an analyst said it could make its first annual profit in 2023

The fundraising is expected to be the last before the bank goes public – which could happen as early as next year.

Headquartered in Durham, Atom was one of the first cell-phone-based lenders to emerge alongside rivals such as Monzo and Starling.

In 2017, the bank appointed American rapper Will.i.am as board advisor and consultant on a contract that expired last year.

Atom has reported its first monthly operating profit. It posted a full-year loss to March of £36 million, but an analyst said the bank could achieve its first annual operating profit in 2023.

The lender raised £40 million in April, cutting the value of £555 million in half.

The bank offers savings accounts and loans. The mortgage loans have just reached £3 billion. The bank recently launched a rate of 1.5 percent on its one-year fixed savings product.

Atom declined to comment yesterday.

Advertisement

.

Leave A Reply

Your email address will not be published.