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Atom Bank eyeing major fundraising step, reports claim

The digital bank has said it is keeping its funding options under review

Atom Bank headquarters in Durham(Image: from Atom Bank website)

North East based digital-only Atom Bank could on the cusp of a major fundraising round, reports suggest.

The Durham-based challenger is said to be eyeing a £100m capital fundraise using an upcoming share sale, it has been reported. It follows a move last November in which Atom sought £30m from existing investors BBVA, Toscafund and Infinity Investment Partners.

At the time, Atom chief executive Mark Mullen said the bank had surpassed £4.5bn in retail deposit, and that 2022 had been a year of continued progress and development. Earlier in the year, Atom signalled that it was on the verge of moving into profit having recorded operating profits in each quarter in the year to the end of March 2022.

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On reports that it was seeking a capital fundraise, a spokesperson for the bank said: "Atom is a growing business. To continue supporting the 海角视频’s savers, mortgage borrowers and small businesses we expect to raise more equity capital over time. We keep this under review, depending on our needs and market conditions, with the ongoing support of our existing shareholder base."

Aykley Heads based Atom, the 海角视频's first app-based bank, was last year reported to be in merger talks with a company belonging to former US President Donald Trump's Secretary of Commerce. The rumoured deal with Wilbur Ross' firm could have brought about a New York Stock Exchange listing for Atom but no further progress has been confirmed.

Speaking to BusinessLive last summer, Atom's chief customer officer, Ed Twiddy, said the firm's plans to float remain unchanged, but that it would required more certainty in markets before taking the step. Mr Twiddy cited big macroeconomic and geopolitical movements and said the timing was not right for an IPO but praised existing investors for their support.

In the meantime, the bank has committed to its four day week working model - a move it says has brought about a deluge of job applications. Under the changes, all employees can work 34 hours over four days instead of the usual 37.5 hours over five days - with no pay cut.