Atom Financial institution, the app-based lender, has picked advisers to safe an extra £100m in capital in what is predicted to be its ultimate fundraising earlier than an try to record its shares publicly.
Sky Information understands the Durham-based firm is working with bankers at Jefferies on a share sale that may happen within the coming months.
One investor who has been approached about collaborating within the capital-raising mentioned this weekend that Atom Financial institution might search as a lot as £150m.
The plans observe a £30m money name final November which was funded by present buyers, BBVA, Toscafund and Infinity Funding Companions.
Sky Information revealed in March that Atom Financial institution had kicked off a search for a new chair as a part of preparations for a long-awaited flotation.
Spencer Stuart, the headhunting agency, is overseeing the seek for a successor to Bridget Rosewell, who has chaired the lender since 2018.
The appointment of a brand new chair will come quickly after Atom additionally changed its finance chief, with Andrew Marshall changing David McCarthy.
Mark Mullen, the financial institution’s chief govt, mentioned in November that Atom had surpassed £4.5bn in retail deposits “having made waves with the pricing of our fastened and instantaneous savers, opening up a void between banks equivalent to Atom that pay a good return on financial savings and people which might be merely unresponsive to the market”.
Final 12 months, talks a couple of £700m merger involving a car arrange by Donald Trump’s former commerce secretary fell aside.
Atom had been in talks with a particular objective acquisition firm (SPAC) arrange by Wilbur Ross, the billionaire Wall Avenue financier.
Established in 2014, Atom Financial institution has raised roughly £500m in fairness from buyers together with BBVA, Toscafund and the now-dissolved Woodford Funding Administration.
In 2021, it attracted headlines by changing into one of many first substantial employers to change to a four-day week.
It mentioned the transfer, which included a discount in working hours from 37 to 34 with no influence on salaries, was designed to help workers’ psychological and bodily wellbeing, in addition to to spice up productiveness.
Atom Financial institution didn’t reply to a request for remark.