UK's Atom Bank to raise £40M as it targets IPO by 2023

U.K.-based Atom Bank PLC will raise £40 million from its existing shareholders as it targets a public listing.

The bank aims to carry out an IPO in financial year 2022-23.

The lender said its revenue is growing strongly and that it is on course to achieve 100 basis points of net interest margin by the end of March.

The company was reported to be in talks to raise more than £100 million after it raised £50 million in its last funding round in 2019.