Digital lender Atom Bank is planning to raise as much as £150m ($198.7m) by rolling out a share sale this fall, Sky News has reported.

This share sale will be Atom Bank’s biggest equity fundraising to date.

Depending on the demand, Atom Bank hopes to secure £50m-150m to fund its expansion, the report added.

If Atom Bank successfully raises £150m, the total amount raised by the company from its shareholders to date will surge to £600m.

Launched in 2016 by a team led by Metro Bank’s Anthony Thomson, Atom Bank has so far raised £450m via share sales after securing its banking license.

Atom Bank told its investors that it is planning to launch an initial public offering (IPO) by 2022.

Its investors include Spain’s second-biggest bank BBVA, which may launch a takeover bid to acquire Atom Bank in the future.

Atom Bank has £1.8bn in customer deposits and £2.4bn in loans, the Sky News report added.

The company has appointed Citi investment bank to advise on the upcoming fundraising.

Many challenger banks in the UK are trying to raise huge funds, while some are exiting the UK market due to Brexit and other economic uncertainties.

Last week, BBVA-backed fintech Holvi exited UK market citing no-deal Brexit and Covid-19 pandemic uncertainties.

Last month, Revolut extended its Series D funding round by raising an additional $80m.

In June, Monzo closed $76m funding round with 40% drop in valuation, due to Bank of England’s involvement.

In February, N26 bailed out of the UK market in less than 18 months after launch, blaming Brexit.