Atom Bank picks advisers to steer £100m fundraising

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Atom Bank picks advisers to steer £100m fundraising
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The Durham-based lender has begun approaching investors about a capital-raising that is likely to be its last before an IPO, Sky News understands.

Mark Mullen, the bank's chief executive, said in November that Atom had surpassed £4.5bn in retail deposits"having made waves with the pricing of our fixed and instant savers, opening up a void between banks such as Atom that pay a fair return on savings and those that are simply unresponsive to the market".Last year, talks about a £700m merger involving a vehicle set up by Donald Trump's former commerce secretary fell apart.

Atom had been in talks with a special purpose acquisition company set up by Wilbur Ross, the billionaire Wall Street financier. Established in 2014, Atom Bank has raised roughly £500m in equity from investors including BBVA, Toscafund and the now-dissolved Woodford Investment Management. In 2021, it attracted headlines by becoming one of the first substantial employers to switch to a four-day week.

It said the move, which included a reduction in working hours from 37 to 34 with no impact on salaries, was designed to support employees' mental and physical wellbeing, as well as to boost productivity.

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