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Atom Bank raises £50m in latest fundraising round

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  • 22/07/2019
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Atom Bank raises £50m in latest fundraising round
Atom Bank has raised £50m in a fundraising round with participation from BBVA, Toscafund, Woodford Patient Capital Trust and funds advised by Perscitus LLP.

The raised capital will be used to fund further growth and continue the bank’s investment in technology.

Atom 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 £1.4bn to £1.8bn.

The run rate for mortgage applications is £20m of business and £10m of residential each week.

 

The cloud

Atom continues to re-platform the bank into the cloud and is preparing to launch new products using Thought Machine’s world-leading smart contract core banking technology.

Bridget Rosewell, chairman at Atom said: “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.”

Mark Mullen, chief executive officer at Atom said: “What’s important to customers is good products, good service and good value so that’s where we’ve spent the majority of our time and energy.

“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.”

Former director of intermediary mortgages Maria Harris left Atom Bank last week to start an independent consultancy.

David Castling will take over the leadership of Atom’s intermediary lending team and will report into Stewart Bromley, chief operations officer.

 

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