back Back

Atom Bank secures $121m in equity funding

By Gloria Methri

November 02, 2023

  • Atom Bank
  • Bbva
  • Digital Bank
Share

Atom Bank, equity funding, FinTech, Digital Bank, UKAtom Bank, the app-based bank in the UK, has raised over £100 million in new equity capital from long-term shareholders BBVA, Toscafund, and Infinity Investment Partners.

This is believed to be the largest private capital raised by a digital bank in the country this year. The funds will be used to accelerate lending following a period of record growth for the company.

Atom recently announced its first full year of operating profit, demonstrating the potential of its cost-efficient and scalable model. The FY23 results saw revenue growth of 62%, customer numbers doubling to 224,000, and savings deposits rising to £6.6 billion.

The capital will enable Atom to accelerate balance sheet growth and create a more compelling proposition for savers, homeowners, first-time buyers, and SMEs. Atom has already loaned more than £4 billion to UK homeowners, and over £1 billion to small businesses since launch, with the funds enabling the digital bank to further ramp up lending activity.

The capital raise process started early this year and forms part of Atom’s long-term strategy to deliver a liquidity event in the future.

Mark Mullen, Chief Executive Officer at Atom, said, “I am 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.”

Previous Article

November 02, 2023

CQUR Bank taps Finastra to boost digital banking offering

Read More
Next Article

November 02, 2023

Perfios announces new leadership appointments & prospects IPO listing

Read More






IBSi Daily News Analysis

UAE, money transfer

June 14, 2024

Atom Bank

Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 14, 2024

CredAble bags $3.5m from SIDBI to finance India’s MSMEs & Women-Led enterprises

Read More

June 14, 2024

Liberis & Paytrail offer revenue-based financing to Finnish e-businesses

Read More

June 14, 2024

Avaloq & Comyno team up to launch securities financing solution

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023