Atom Bank raises £50m
Atom bank, the UK’s first bank built exclusively for mobile, has raised £50 million ($62.3 million) in a fundraising round with participation from BBVA, Toscafund, Woodford Patient Capital Trust and funds advised by Perscitus LLP.
The new capital will be used to fund further growth and to continue the bank’s investment in technology.
The bank’s total lending, for homeowners and small businesses, has grown by 76% in the past year to £2.4bn, supported by growth in deposits from £1.4 billion to £1.8 billion.
Atom is also said to be re-platforming the bank into the cloud and preparing to launch new products using Thought Machine’s smart contract core banking technology.
Bridget Rosewell, chairman at Atom says: “This latest raise recognises the enormous progress that we have made on our journey to disrupt UK banking, and is a clear signal of our investor’s support for our future plans.”
“We’re growing our team here in the North East and will add 50 new roles this year to help us expand the range of products and services we offer, starting with Instant Access savings in the autumn. More than ever we are convinced of the importance of Atom’s role to drive positive change in UK banking,” says Mark Mullen, CEO at Atom.
Neil Woodford – who came under fire for flagship Equity Income fund in early June this year – was the first institutional investor to back Atom, in 2014.