Atom Bank, the app-based lender, has picked advisers to safe an additional £100m in capital in what is anticipated to be its remaining fundraising earlier than an try to listing its shares publicly.
Sky News understands the Durham-based firm is working with bankers at Jefferies on a share sale that may happen within the coming months.
One investor who has been approached about collaborating within the capital-raising stated this weekend that Atom Bank may search as a lot as £150m.
The plans comply with a £30m money name final November which was funded by present buyers, BBVA, Toscafund and Infinity Investment Partners.
Sky News revealed in March that Atom Bank had kicked off a seek for a brand new chair as a part of preparations for a long-awaited flotation.
Spencer Stuart, the headhunting agency, is overseeing the seek for a successor to Bridget Rosewell, who has chaired the lender since 2018.
The appointment of a brand new chair will come quickly after Atom additionally changed its finance chief, with Andrew Marshall changing David McCarthy.
Read extra enterprise information:
Paddy Power proprietor strains up new chairman
Firms evaluation CBI membership after allegations
British metal on brink of extinction – or inexperienced resurrection
Mark Mullen, the financial institution’s chief govt, stated in November that Atom had surpassed £4.5bn in retail deposits “having made waves with the pricing of our fixed and instant savers, opening up a void between banks such as Atom that pay a fair return on savings and those that are simply unresponsive to the market”.
Last 12 months, talks a few £700m merger involving a automobile arrange by Donald Trump’s former commerce secretary fell aside.
Atom had been in talks with a particular function acquisition firm (SPAC) arrange by Wilbur Ross, the billionaire Wall Street financier.
Established in 2014, Atom Bank has raised roughly £500m in fairness from buyers together with BBVA, Toscafund and the now-dissolved Woodford Investment Management.
In 2021, it attracted headlines by turning into one of many first substantial employers to modify to a four-day week.
It stated the transfer, which included a discount in working hours from 37 to 34 with no affect on salaries, was designed to assist staff’ psychological and bodily wellbeing, in addition to to spice up productiveness.
Atom Bank didn’t reply to a request for remark.
Source: information.sky.com”