Atom raises £75m as it approaches listing

UK app-based bank Atom has raised over £75 million as it heads towards its planned IPO.

The move follows a £40 million raise in April last year – bringing total raised by the digital lender to over £115 million in the past 12-months.

According to the bank, it has seen mortgage and business loans grow by 30 per cent in the past nine months. In 2021, it passed £3 billion of mortgage completions and £315 million worth of digital loans.

Atom said that the latest funding would be spent on growing deposits by a further £2 billion during the fiscal year 2023 and that this would bring more value to “a savings market that has taken too long to respond to base rate changes".

In November, Atom hit headlines when it became the largest UK company to introduce a four-day working week. Since then it has experienced a 500 per cent increase in job applicants, and substantial increases in staff engagement.

“It has been a year of excellent progress for Atom,” said Mark Mullen, chief executive, Atom. “We’ve achieved a number of important financial milestones, maintained our excellent reputation with our customers and with the introduction of our shorter 4-day working week (with no loss of pay), we’re pioneering the future of work.”

Mullen added: “Our investors are now backing our continued growth. This capital will allow Atom to build on the progress we have made, and to keep offering real competition for people who want to own their own home, grow their own businesses and - at a time of rapidly rising costs - save for the future. It is also a fundamental next step on our journey toward IPO.”

The latest funding round was lead by BBVA and Toscafund, as well as co-investors Infinity Investment Partners.

    Share Story:

Recent Stories

Meet Evelyn, your Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst
Meet Evelyn, an Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst, who uses native AI/ML capabilities to automate the Customer/PEP screening and Negative News screening alert adjudication processes for leading BFS organizations with greater speed, accuracy, and consistency than human analysts.

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.