Atom, a Durham, UK-based provider of an app-based bank, has raised over £100m in new equity capital.
Backers included BBVA, Toscafund and Infinity Investment Partners.
The company intends to use the funds to accelerate lending and balance sheet growth, and create a compelling proposition for savers, homeowners, first time buyers, and SMEs.
Led by CEO Mark Mullen, Atom is a mobile bank that offers mortgages and savings through its app, alongside secured business lending for small and medium-sized enterprises. The company offers customer support via phone, chat, email and social channels.
Launched in 2016, Atom recently announced its first full year of operating profit, demonstrating the potential of its cost efficient and scalable model. The FY23 results saw revenue growth of 62%, customer numbers doubling to 224,000, and savings deposits rising to £6.6bn. The company has already overcame that figure for operating profit this financial year, with current quarterly run-rate generating +£100m of annualised net interest income and +£25m of operating profit.
Atom has already loaned more than £4bn to UK homeowners, and over £1bn to small businesses since launch.
FinSMEs
31/10/2023