Atom Bank records ?36m operating loss as it continues mission to profitability

UK challenger bank Atom Bank reportedly experienced an operating loss of ?36m in the financial year ending March 2021, down from ?46m in the previous year.

The FinTech company is continuing to grow, with it marking its first monthly operating profit in July 2021, according to a report from AltFi. Atom Bank claims it is on track to reach monthly break-even in 2022.

It is also expecting its profits to continue to rise, which will help it meet its goal of an IPO.

Atom Bank recently surpassed a pair of other milestones. The first was extending its mortgage portfolio to be worth more than ?3.97bn. It claims to have issued over 21,000 mortgages and helped 16,400 households complete on new mortgages.

Its other recent accomplishment was reaching ?1bn in Instant Saver balances. Its Instant Saver service enables consumers to open a savings account with ?0, have unlimited withdrawals and access their money through the mobile app 24/7.

Atom Bank suffered a devaluation in April 2021, after it closed a ?40m fundraise where shares were priced just under half the price in 2019.

Copyright ? 2021 FinTech Global

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