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Atom Bank raises £149m to fuel lending and invest in technology

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  • 07/03/2018
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Atom Bank raises £149m to fuel lending and invest in technology
Mobile-only provider Atom Bank has raised £149m from investors, which will be used to boost lending and invest in technology.

 

 

The Durham-based bank has now loaned more than £1.2bn to homeowners and small businesses and taken £1.3bn of deposits.

Atom aims to use the latest injection of capital to continue lending growth and invest further in technology and business capabilities.

In this funding round, Spanish bank BBVA increased its ownership of Atom Bank to 39% in the latest fundraising round, investing a further £85.4m.

Toscafund invested £54.4m and is also increasing its stake in the bank.

Atom bank’s chief executive, Mark Mullen (pictured) said: “We are very proud of what we have achieved in the Atom journey to date and we are excited about our plans for the future.

“This further significant injection of capital secures the bank’s place as a disruptive force in the mainstream of UK banking.

“We will continue to invest in growth, in our technology and in our products as we continue to push ahead with the support of our investors.”

Bridget Rosewell, Atom bank’s Chair added: “Atom is a rapidly growing, ambitious and vibrant business that is founded on the unique fit of our shareholders, our team and our partners.

“I am delighted that our investors have decided to back the bank with such a significant injection of capital to fuel our mission to change banking permanently for the better.”

 

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