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Atom Bank seeks to raise £40m before flotation

Atom Bank faucets buyers for £40m in remaining fundraising spherical before flotation

  • Arom is planning to float on the London Stock Exchange as quickly as subsequent 12 months
  • Its final fundraising earlier this 12 months at 60p-a-share halved its £555m valuation
  • It raised £50m the earlier 12 months to assist cowl working losses. 

Atom Bank has kicked off its remaining fundraising before floating on the inventory market, The Mail on Sunday can reveal.

The financial institution, which is backed by fund giants Schroders and Toscafund, is holding talks with buyers in an try to raise not less than £40million.

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The branchless financial institution, which can also be backed by Spanish monetary big BBVA, is planning to float on the London Stock Exchange as quickly as subsequent 12 months.

Arom is planning to float on the London Stock Exchange as soon as next year

Arom is planning to float on the London Stock Exchange as quickly as subsequent 12 months

Atom, which has its head workplace in Durham, was among the many first app-based banks to launch within the UK, together with Starling Bank and Monzo.

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Its final fundraising earlier this 12 months at 60p-a-share halved its £555million valuation. It raised £50million the earlier 12 months to assist cowl working losses.

Atom Bank final month launched a four-day working week with out reducing worker pay in a bid to increase workers morale and retain expertise.

The lender, which launched in 2016, reported a loss for the 12 months to March of £36million. It is believed to be concentrating on its first annual working revenue in 2023.

Atom gives financial savings accounts and loans, however not present accounts. Its mortgage lending reached £3billion earlier this 12 months. It additionally reported its first month-to-month working revenue. 

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Atom declined to remark.

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