Atom Bank is reportedly expanding Portal, which is their next-gen broker gateway- in order to include their Quick Quote tool.
As noted in the update, this addition will enable brokers providing secured business loans to self-assess and create an indicative quote within the portal before actually turning in an application, whereas the traditional method requires brokers to contact the business development team to obtain a quote.
As explained in the announcement, the Quick Quote tool may be used for trading businesses and investment cases and comes after Atom Bank had relaunched their standard secured business loan range in January of this year, providing variable and fixed-rate loans between £2 million-£5 million, along with their pre-existing RLS range.
Commercial mortgage quotes are often among the most challenging to price, however, the Quick Quote tool should enable Atom to become one of the only banking platforms to enable brokers to offer a commercial mortgage quote instantly – with only a few clicks of a button.
Paula Mercer, Head of Lending at Atom Bank, remarked:
“We are delighted to be able to expand on the incredible service that Portal offers to our brokers. Our Quick Quote tool offers near instantaneous quotes, 24 hours a day, and will provide unprecedented clarity and transparency to secured lending applicants.”
Tom Renwick, Head of Business Banking at Atom Bank, stated:
“After the turbulent year that was 2021, it is essential that SMEs have every possible opportunity to run their business to its full potential in 2022. We strive to offer small businesses the best rates and customer service possible.”
Renwick added:
“We believe that the Quick Quote tool is the perfect means to expand upon our innovative portal technology, supporting our business customers with access to our secured loans when they need it most.”
As reported in March 2022, Atom Bank, a digital bank minus any physical branches, is planning to pursue an initial public offering (IPO) in 2023, according to the company.
Atom recently completed a £75 million funding round valued at £435 million. The funding was led by BBVA who acquired a 39% ownership in the bank. In 2021, Atom raised £40 million pushing total funding in 12 months to £115 million.
While Atom has raised growth capital from venture capital firms, Growth Capital Ventures (GCV) – a venture hybrid marketplace allowing sophisticated investors access to private deals, has helped Atom raise capital in the past years with its first funding round be listed in 2014.
