Atom Bank has kicked off its final fundraising before floating on the stock market, The Mail on Sunday can reveal.
The bank, which is backed by fund giants Schroders and Toscafund, is holding talks with investors in an attempt to raise at least £40million.
The branchless bank, which is also backed by Spanish financial giant BBVA, is planning to float on the London Stock Exchange as soon as next year.
Arom is planning to float on the London Stock Exchange as soon as next year
Atom, which has its head office in Durham, was among the first app-based banks to launch in the UK, along with Starling Bank and Monzo.
Its last fundraising earlier this year at 60p-a-share halved its £555million valuation. It raised £50million the previous year to help cover operating losses.
Atom Bank last month introduced a four-day working week without cutting employee pay in a bid to boost staff morale and retain talent.
The lender, which launched in 2016, reported a loss for the year to March of £36million. It is thought to be targeting its first annual operating profit in 2023.
Atom offers savings accounts and loans, but not current accounts. Its mortgage lending reached £3billion earlier this year. It also reported its first monthly operating profit.
Atom declined to comment.
