Business & Economy
Atom vows to deliver ‘even more compelling offer’ after £100 million-plus support
November 2, 2023
A challenger bank says it will “create an even more compelling proposition for savers, homeowners, first-time buyers and SMEs” after securing more than £100 million support.
Atom has been backed by long-term shareholders BBVA, Toscafund and Infinity Investment Partners.
Bosses at the Durham-based bank say the cash will “accelerate” lending to clients while providing “faster, easier and better value than…competitors and high street banks”.
They say it will also build on agreements that has seen it loan more than £4 billion to homeowners and in excess of £1 billion to small businesses since its 2016 launch.
Mark Mullen, chief executive at the app-based bank, which operates with no high street branches, said: “I’m delighted with this vote of confidence from our investors.
“Atom continues to grow strongly and sustainably.
“We are a cautious bank, with an excellent track record of lending responsibly and successfully, and look after our customers by offering them consistently great value and treating them fairly.
“This money will be put to work to drive growth and to fuel the development of our franchise.
“UK customers need better outcomes and better banks.
“Our vision remains as valid today as it was when we founded the company – change banking for good, for the better, for everyone.”
It was advised by law firm Womble Bond Dickinson on the fundraising.
Laura Farnworth, Atom general counsel, added: “We are grateful to the team for their support in getting this complex deal finalised.
“Womble Bond Dickinson has been a key partner since the bank was founded in 2014, and their knowledge and understanding of our business and the wider market across both financial institutions and fintech has been invaluable as we have continued to drive growth.”
Atom recently announced its first full year of operating profit, with revenue growing 62 per cent, customer numbers doubling to 224,000 and savings deposits rising to £6.6 billion.