UK digital bank Atom Bank is to raise £40 million (about €46.4 million) from existing investors, and is planning to shoot for a public listing as early as next year.
The company says it has will grow lending to SMEs on its balance sheet to over £700 million by the end of March 2021, and that it has loaned £2.8 billion to UK mortgage customers since its launch in April 2016.
Mark Mullen, CEO of Atom, said: "We turn to our shareholders for capital as and when we need it to drive growth. Despite it being a difficult environment for all companies that need to raise funding, this capital raise will allow us to continue to progress towards profitability and ever-improving levels of efficiency and engagement. The team retains an IPO as our objective and we’ll take the business there when we and the markets are ready. After the year that’s just gone I’m not going to claim perfect foresight, but we’re looking at the financial year 2022/23 as our IPO target."
Atom's existing investors include BBVA, Toscafund, and Woodford Patient Capital Trust. It's raised about £450 million to date.
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