Tech

Fintech Atom Bank UK looks to list New York through SPAC merger

British rival bank Atom is reportedly considering US public listing as interest from a New York – based special purpose acquisition company (SPAC) increases.

Founded in 2013, Atom Bank is one of the success stories in the UK fintech market, taking advantage of the introduction of open banking to compete with the traditional banking giants.

Together with Monzo, Starling, Revolut and many more, Durham – based Atom has helped establish the UK as a major fintech technology hub.

However, a list of the United States would be a major blow to the London Stock Exchange, which was keen to attract more initial public offering (IPO) from British tech firms.

Sources close to the case provided information Sky News that SPAC is being run by Wilbur Ross, a former commercial secretary under the Donald Trump administration, in talks with Atom Bank over a possible merger.

SPACs, also known as white check companies, are entities created solely to secure mergers and acquisitions.

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

RATN contact Atom Bank for comments.

Atom Bank SPAC speaks at ‘advanced’ stage

Although the agreement has not been finalized, sources in the banking industry have said the deal was at an advanced stage.

If Atom agreed with the market, it would be on the growing list of UK tech firms promising in the US through the SPAC merger.

That list includes an online car dealership platform Cazoo and an aerospace company based in Bristol Vertical.

Atom Bank has been looking at its initial public offering (IPO) since it closed £75m funding round valued at £ 435m in February.

Atom Bank said RATN at the time he had not yet decided whether to go public in the UK or elsewhere.

Mark Mullen, most recently co – founder and CEO of Atom talk to RATN where he discussed, among other things, his hatred of social media algorithms, saying “the platform algorithms we encounter against each other in search of profit” technology without which the world would be better off.

Finally he said of the designers of these algorithms: “If there is a hell, I would hurt it.”



Fintech Atom Bank UK looks to list New York through SPAC merger

Source link Fintech Atom Bank UK looks to list New York through SPAC merger

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