UK’s premier app-based bank Atom clinches £100m injection


Atom bank, the UK’s pioneering app-based bank, has successfully garnered upwards of £100m in fresh equity capital.

The infusion, sourced from longstanding shareholders including BBVA, Toscafund, and Infinity Investment Partners, has been hailed as the most significant private capital raise by a UK digital bank this year. With these newly acquired funds, Atom aims to expedite lending in the wake of its historically high growth.

Elaborating on Atom’s operational sphere, the bank has innovatively ushered in a new era of banking right from a smartphone. Recent revelations about its annual performance spotlighted its inaugural full year in the black. This revelation was underscored by impressive figures: a 62% surge in revenue, a doubling of its customer base to 224,000, and an uptick in savings deposits to a staggering £6.6bn. Beyond this, the current fiscal year has already witnessed Atom exceeding its previous record for operating profit. Furthermore, it stands out with unparalleled customer service accolades, as evinced by a five-star rating on platforms such as TrustPilot, iOS, and Android, and a commendable NPS score hovering in the high 80s.

The newly amassed capital is slated to fortify Atom’s balance sheet growth. The bank’s ambitious plans include rolling out enhanced offerings for a diverse clientele comprising savers, homeowners, nascent property purchasers, and SMEs. Their offerings promise to be more streamlined, cost-effective, and superior to traditional high street banking alternatives. It’s noteworthy that Atom has already channelled over £4bn to UK homeowners and extended in excess of £1bn to the SME sector.

Initiated earlier this year, this capital raise aligns seamlessly with Atom’s overarching objective of orchestrating a liquidity event in the foreseeable future.

Mark Mullen, chief executive officer at Atom, said: “I’m delighted with this vote of confidence in Atom from our investors, and to have their ongoing backing is a fantastic boost. Atom continues to grow strongly and sustainably. We are a cautious bank with an excellent track record of lending responsibly and successfully. We have a compact business model and we keep tight control over our costs.

“We look after our customers by offering them consistently great value and treating them fairly. This money will be put to work to drive growth and to fuel the development of our franchise. UK customers need better outcomes and better banks. Our vision remains as valid today as it was when we founded the company – change banking for good, for the better, for everyone.”

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