Atom Bank Raises £30M And Pushes Back IPO

Toscafund, BBVA, and Infinity Investment Partners have now agreed to invest £30 million in Atom Bank as the United Kingdom lender gets ready for a 2024 initial public offering (IPO).

Atom Bank previously managed to raise £75 million in February, making their funding for the year total £105 million. Based on official reports, the new funds will be used to fuel more lending.

The bank insists that the raise is a “positive step in Atom’s plans for growth and a future public markets listing”. Atom has been planning to go public for a long time but significantly tough market conditions have compelled it to delay a listing on the London Stock Exchange (LSE) until at least 2024.

Based on reports by the Financial Times, citing sources, the digital lender is now planning one last private raise of nearly £50 million in the first half of 2023 ahead of the float.

The CEO of Atom Bank, Mark Mullen, said:

“This year has been one of continued progress and development at Atom. In recent weeks we 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.”

“Alongside continued growth in our mortgage and business lending books, the bank is proving that our clear focus on being fast, easy, and value for money is something that will keep benefiting both our customers and shareholders.”

Earlier this year, Atom did experiments with a 4-day work week and concluded that it was a success for the employees during the post-pandemic era, recording a boost in productivity and employee satisfaction.