Atom Bank Bags More Than £75million On Journey Toward IPO

https://thefintechtimes.com/atom-bank-bags-more-than-75million-on-journey-toward-ipo/
https://thefintechtimes.com/wp-content/uploads/2022/02/atom-bank.jpg?#

Atom, the app-based bank, has raised more than £75million in new equity as it sets sail towards going public. The Durham-based digital lender has now raised more than £115million in the last 12 months.

Led by BBVA and Toscafund with co-investors Infinity Investment Partners, the latest raise follows a £40million raise in April 2021 and is now open to existing shareholders.

Atom Bank, which launched in April 2016, offers fixed saver accounts, secured business lending for small and medium-sized enterprises, mobile mortgages and instant savers.

In the last nine months, both mortgage and business loans have grown by 30 per cent. While in 2021, Atom passed £3billion of mortgage completions, with applications for its digital loans peaking at £315million in the third quarter. Atom’s on-balance sheet lending to small businesses also surpassed £1billion during 2021. Atom’s interest margin has also risen to 1.28 per cent versus 0.51 per cent in FY21 so far.

In November, Atom introduced a four-day working week, with no loss of pay, for all of its team. The move aims to support improved employee mental and physical wellbeing together with improved business productivity. Since the change, Atom has since reported a 500 per cent increase in job applicants, and substantial increases in staff engagement.

Atom CEO Mark Mullen said: “It has been a year of excellent progress for Atom. We’ve achieved a number of important financial milestones, maintained our excellent reputation with our customers and with the introduction of our shorter four-day working week (with no loss of pay), we’re pioneering the future of work.

“Our investors are now backing our continued growth. This capital will allow Atom to build on the progress we have made, and to keep offering real competition for people who want to own their own home, grow their own businesses and – at a time of rapidly rising costs – save for the future. It is also a fundamental next step on our journey toward IPO.”

https://thefintechtimes.com/atom-bank-bags-more-than-75million-on-journey-toward-ipo/