diff --git a/CHANGELOG.md b/CHANGELOG.md
index b68f5d94..ec545f91 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,17 @@
 # Changelog
 
+## 0.21.3
+
+**Release date:** 2022-03-30
+
+This prerelease comes with general stability improvements in the libgit2
+experimental management transport and updates various dependencies to their
+latest versions.
+
+Improvements:
+- Update dependencies
+  [#340](https://github.com/fluxcd/image-automation-controller/pull/340)
+
 ## 0.21.2
 
 **Release date:** 2022-03-28
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index cbb4a99b..cb9b8eb6 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -5,4 +5,4 @@ resources:
 images:
 - name: fluxcd/image-automation-controller
   newName: fluxcd/image-automation-controller
-  newTag: v0.21.2
+  newTag: v0.21.3
diff --git a/go.mod b/go.mod
index 5e9df10a..3cf90dfe 100644
--- a/go.mod
+++ b/go.mod
@@ -8,7 +8,7 @@ require (
 	github.com/Masterminds/sprig/v3 v3.2.2
 	github.com/ProtonMail/go-crypto v0.0.0-20220113124808-70ae35bab23f
 	github.com/cyphar/filepath-securejoin v0.2.3
-	github.com/fluxcd/image-automation-controller/api v0.21.2
+	github.com/fluxcd/image-automation-controller/api v0.21.3
 	// If you bump this, change REFLECTOR_VER in the Makefile to match
 	github.com/fluxcd/image-reflector-controller/api v0.17.1
 	github.com/fluxcd/pkg/apis/acl v0.0.3