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