Atom Bank, the challenger bank from the UK, is plotting its biggest equity fundraising to date.
The bank was launched during 2016, and has since taken £1.8bn in customer deposits and lent £2.4bn. It claims to be the first challenger bank in the UK market as it was technically founded in 2014.
Read also: TransferWise expands its global partnership with Mastercard
“Sources” have told Sky News that Atom Bank is considering raising between £50m and £150m.
If it manages to hit the £150 million target, the total Atom bank secured from its shareholders would become £600 million. Atom Bank is also pursuing an initial public offering in 2022.
Atom’s existing investors include BBVA, Toscafund, and Woodford Patient Capital Trust. All participated in the bank’s last funding, a £50 million raise in July 2019.
Atom bank works with collection of technology platforms, including FIS’s Profile core banking system, Wolters Kluwer’s OneSumX for regulatory reporting, and Phoebus Software for secured business lending.
The Blacked Eyed Peas performer Will.i.am has been a consultant for Atom since 2017. Will.i.am had an option to acquire up to 3.55 million shares in Atom Bank at a price of £1.15-per-share during a three-year period, although it is unclear whether he has done so, according to Sky News.
