The latest funding round brought the bank ￡30 million from BBVA, Toscafund, and Infinity Investment Partners, in preparation for a 2024 IPO
Atom Bank Raises ￡30M, Gets Ready for IPO. Source: flickr.com
Digital lender Atom Bank has been forced to delay its long-planned IPO to at least 2024 due to weak markets. It has just finished a ￡30 million funding round, led by BBVA, Toscafund, and Infinity Investment Partners.?
Together with the previously raised ￡75 million in February, the bank’s total funding for this year equals ￡105 million. Further ￡50 million will be needed, according to Financial Times, to debut on the London Stock Exchange.
Reportedly, the mobile app-based bank is currently in discussions with a number of interested companies, including private equity firms, for its final pre-IPO capital raise.??
The newly gathered funds will be used to fuel further lending. Although Atom reported an operating loss of ￡2 million last year, it has started to display profits on a monthly basis since June 2021.
This year has also illustrated continued progress at the digital challenger. Mark Mullen, CEO of Atom Bank, stated that the bank has recently surpassed ￡4.5bn in retail deposits. According to its latest annual report, the bank has already lent ￡3.3bn in mortgages and small business financing.
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Nina Bobro
Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.
