Atom Bank, described as the UK’s most trusted bank, is in the final days of a funding round listed on Crowdcube.
According to the offering page, Atom Bank has raised £1.3 million from 1576 individual investors as of today.
For investors, you are purchasing equity at a pre-money valuation of £397,227,374.
Atom Bank competes in a highly competitive market for digital banking, as the UK has multiple regulated banks that are App- or website-only. This includes the likes of Revolut, Starling, and Monzo. Of course, there is a host of high street banks fighting for customers too.
The offering page shares that it currently has approximately 272,000 customers, so it is on the smaller side.
The company aims to push for more growth, explaining:
“The bank is built for scale. 99% of new savings accounts are opened and funded in-app within minutes, while automated underwriting means most mortgage applications receive an instant decision, with the median time from application to offer being three days across prime residential. The strategy is to grow faster than the cost base and create sustainable, long-term shareholder returns, supported by a mix of retail deposits and stable wholesale funding. In FY25, Atom also strengthened its finances by issuing £310m of bonds backed by mortgages and raising £50m of subordinated capital to support growth.”
Atom Bank reports that it grew almost 20% in fiscal year 2024. Deposits are up to £7.5 billion, having grown 31%. The company hit profitability in 2023.
Basically, Atom wants to provide a better, faster experience than its competitors. Banking customers tend to be stick,y and Atom Bank wants to lure customers by “redefining what great banking feels like.”
The offering is scheduled to close at the end of this week.
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