Atom Bank lands £30m funding to boost lending and fuel growth
UK challenger Atom Bank has raised £30 million from previous investors BBVA, Toscafund and Infinity Investment Partners as it looks to drive its “ongoing growth and development”.
The new cash injection means the Durham-based firm has now raised £105 million over 2022, having previously raised $75 million back in February.
Atom says the funds will fuel further lending, enabling it “to continue to support its lending customers – homeowners, first-time buyers, and SMEs – in this difficult economic environment”.
“It is also another positive step in Atom’s plans for growth and a future public markets listing,” the bank adds.
The Times reports that with the new funding, Atom has now pushed back a planned flotation by at least two years. The bank was reportedly in discussions earlier this year to list in New York via a £700 million SPAC merger but talks were eventually called off.
Atom says that despite a “changing backdrop”, it has “continued to deliver a strong performance in 2022”.
“Growth in both lending and retail deposits has driven a significant increase in net interest income, and Atom has delivered positive operating profit whilst the bank continues its disciplined control of costs.”