UK challenger bank Atom Bank is reportedly eyeing a £150m equity injection via a share sale in Autumn.
The amount of capital it is able to raise will depend on interest, but Atom is hoping to raise between £50m and £150m, according to a report from FinTech Ranking. Once the round is closed, the company will increase its international expansion efforts.
Atom Bank previously raised £50m in a funding round last year, with capital coming from Banco Bilbao Vizcaya Argentaria (BBVA), hedge fund Toscafund and Woodford Patient Capital Trust. It then raised £149m in 2018 from backers including BBVA and Toscafund.
The challenger bank offers a mobile app where consumers can access saving accounts, apply for mortgages or take out personal loans.
Plans are to launch an initial public offering by 2022, the article claims.
Fellow UK challenger bank Monzo recently raised a £60m top-up round which say its valuation drop by 40% from £2bn to £1.24bn.
Starling Bank has also been raising capital during the pandemic, with it pulling in a £40m investment to help it scale and further help businesses struggling during the pandemic and in need of loans. The Bank has also hit some tough times, with it recently revealing its losses have doubled from last year to reach £53.6m.
Revolut also revealed it has hit troubled times during the pandemic, after its losses have more than tripled in the past year. Its losses reached £107.4m.
Copyright © 2020 FinTech Global
