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Atom Bank in talks over New York-listing via Spac merger

Atom Bank in talks over New York-listing via Spac merger

UK challenger Atom Bank is considering a Spac merger on the New York Stock Exchange at a valuation of $700 million.

The mobile-only bank has been looking at prospects for an IPO after achieving its first monthly operating profit in June last year.

Sources close to the situation have informed Sky News that a Special Purpose Acquisition Company run by Wilbur Ross, former commerce secretary under the Donald Trump administration, is in talks with Atom Bank over a potential merger.

The deal - currently said to be worth £700m - would see Atom Bank merging with Ross Acquisition Corp II, which is listed on the New York Stock Exchange.

Atom Bank in february raised more than £75m in new equity priced at 70p per share.

The Durham-based digital lender has now raised more than £115m in the last 12 months and is currently valued at £435 million.

By the end of the year Atom’s on-balance sheet lending to small businesses surpassed £1bn, with both mortgage and business loans growing by 30%.

2021 also saw total customer deposits grow by 16% to £2.5bn, with £1bn of savings held in Atom's Instant Saver accounts.

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