Atom bank, a Durham, UK-based app-based bank, raised more than £75m in new equity funding as it continues to grow its profitability and drive to IPO.
The round will be led by BBVA and by Toscafund with participation from co-investors Infinity Investment Partners. The round is now being opened to other existing shareholders. The digital lender has now raised more than £115m in the last 12 months.
Led by Mark Mullen, Chief Executive Officer, Atom launched operations in April 2016, offering Fixed Saver accounts and secured business lending for small and medium-sized enterprises (‘SMEs’), followed by its automated mobile mortgage proposition in December 2016. Atom launched an Instant Saver in September 2020.
With a team of over 400 people, the company delivered its first monthly operating profit during Q2 and has continued to grow its revenues throughout the year while maintaining a tight control on its costs.