UK-based digital banking group Atom Bank announced on Monday it secured £50 million through its latest investment round, which included participation from BBVA, Toscafund, Woodford Patient Capital Trust and funds advised by Perscitus LLP.
“Atom continues to be a fast-growing challenger in the UK’s lending markets. The bank’s total lending, for homeowners and small businesses, has grown by 76% in the past year to £2.4 billion, supported by growth in deposits from £1.4 billion to £1.8 billion. Right now, Atom is welcoming up to £20 million of business and £10 million of residential mortgage applications each week, and just last week Atom was named Best Online Lender at the What Mortgage Awards for the second consecutive year.”
Speaking about the investment round, Bridget Rosewell, Chairman at Atom, stated:
“This latest raise recognises the enormous progress that we have made on our journey to disrupt UK banking, and is a clear signal of our investors support for our future plans.”
Mark Mullen, Chief Executive Officer at Atom, also commented:
“What’s important to customers is good products, good service and good value so that’s where we’ve spent the majority of our time and energy. We’re growing our team here in the North East and will add 50 new roles this year to help us expand the range of products and services we offer, starting with Instant Access savings in the autumn. More than ever we are convinced of the importance of Atom’s role to drive positive change in UK banking.”
Atom Bank went on to add that the new capital will be used to fund further growth and to continue the bank’s investment in technology.