Digital lender Atom Bank is about to get bankers to work on a stock exchange listing after canceling talks over a £700m merger with a car owned by the former Ministry of Finance. Donald Trump’s chief of commerce set.
Sky News has learned that Atom Bank is interviewing investment banks about roles in an initial public offering – likely to take place in London – next year.
City sources said Thursday that the banks are expected to be formally appointed in the coming weeks, though a final decision on flotation will depend on market conditions.
News of the advisors’ beauty parade highlights Atom Bank’s abandonment of hopes of a US listing through a combination with a special purpose acquisition company (SPAC) led by Wilbur Ross. create.
The Durham-based lender, which has grown more slowly than “neobank” rivals such as Monzo and Starling Bank, has made no secret of its plans to pursue a public listing.
Sky News has revealed Atom Bank discussions about a potential merger with Ross Acquisition Corp II, which listed on the New York Stock Exchange in the spring of 2021, earlier this year.
Founded in 2014, Atom Bank has total customer deposits of more than £2.5 billion and has announced mortgage completions of more than £3 billion, but has set targets ambitious to increase those numbers in the coming years.
In total, it has raised around £500 million in equity from investors including Spanish bank BBVA, Toscafund and the now-dissolved Woodford Investment Management.
Last year, it attracted headlines as one of the first significant employers move to a four-day week.
It says the change, which includes reducing working hours from 37 to 34 without affecting wages, is designed to support employees’ mental and physical health, as well as boost productivity.
Atom Bank CEO Mark Mullen Pic: Atom Bank
Announcing a £75m £435m funding round in February, Mark Mullen, its chief executive, said: “We’ve hit a number of key financial milestones and maintained our reputation. its great with customers.
“Our investors are now backing our continued growth. This funding will allow Atom to build on the progress we’ve made and continue to provide financial solutions for people who want to own their own home, grow their own business and save for the future.
“It’s also a fundamental next step on our journey toward an IPO.”
Atom Bank declined to comment.
