UK challenger bank Atom nets £30m

UK challenger bank Atom nets £30m

UK challenger bank Atom bank has held off its floatation after raising £30m in equity from BBVA, Toscafund and Infinity Investment Partners.

With the funds, the company plans to bolster its lending capabilities and further the development of the bank. As part of increasing its lending capabilities, the bank hopes to support its lending customers, including homeowners, first-time buyers, and SMEs, in the current environment.

According to a report from Business Matters, the challenger bank is eyeing a liquidity event in 2024 or 2025.

The bank said that despite the market troubles, it has delivered strong performance in 2022.

Atom CEO Mark Mullen said, “This year has been one of continued progress and development at Atom. In recent weeks we surpassed £4.5bn in retail deposits having made waves with the pricing of our fixed and instant savers, opening up a void between banks such as Atom that pay a fair return on savings and those that are simply unresponsive to the market.

“Alongside continued growth in our mortgage and business lending books, the bank is proving that our clear focus on being fast, easy, and value for money is something that will keep benefiting both our customers and shareholders.”

The bank previously raised £70m in funding in February.

Earlier in the year, Atom bank partnered with Sesame to offer increased availability for consumers applying for mortgages through Sesame’s brokers.

Copyright © 2022 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.