The valuation of Atom Bank has plummeted by around £73 million following its conclusion of a £100 million fundraise.

The FinTech reportedly stood at a £435 million valuation upon concluding a £75 million fundraise in early 2022.

A source told the Financial Times the most recent funding round, which saw participation from long-term shareholders BBVA, Toscafund and Infinity Investment Partners, put Atom at a £362 million valuation.

Atom chief executive Mark Mullen told City A.M. the "valuation today [Wednesday] doesn’t matter.”

“What’s driving the valuation is much more to do with market conditions and bank benchmarks than testing the performance of the company in an open market, because it’s private,” he said.

Mullen added: “The valuation when we list the bank or when we sell the bank really does not matter.”

Atom’s 2023 financial year results reported revenue growth of 62 per cent, a doubling of its customer base to 224,000, and savings deposits rising to £6.6 billion.

The company said it had already eclipsed £6.6 billion for operating profit for the financial year, with current quarterly run-rate generating £100 million of annualised net interest income and £25 million of operating profit.

Atom has previously said it has plans for an IPO, likely in London, in the future.

Understood to have initially been targeting the IPO launch for 2023, Mullen told The Times in late 2022 that 2024 or 2025 was now the target for a “liquidity event."

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