UK-born digital bank Atom is reportedly considering an IPO in the US.
Atom Bank was founded in 2013 in the UK as the country’s first bank without any branches.
The bank has said it’s set to float in New York via a £700mn merger with a SPAC.
The Special Purpose Acquisition Company is called Ross Acquisition Corp II.
What does this mean?
Atom Bank is set to IPO fairly imminently as Sky News sources have said the plans are at “an advanced stage” but there are still a lot of things to consider. The bank had a £75mn investment earlier this year which it described as part of the journey toward an IPO.
CityAM is describing the news as a “major blow” to London with the UK having made efforts to make itself a more appealing listing destination and stem the Exodus to the US.