App-based lender Atom Bank has raised more than £75m in new equity priced at 70p per share ahead of its initial public offering (IPO).
Spanish digital bank BBVA and investment company Toscafund will lead the drive with co-investors Infinity Investment Partners. It is also being opened to other existing shareholders.
This funding follows a £40m raise in April last year and to date, Atom has obtained more than £115m in capital over the last year.
Atom said its focus on lending had “come to fruition” in the last nine months, with both mortgage and business loans growing by 30 per cent. Last year, it exceeded £3bn in mortgage completions and the value of applications peaked at £315m in Q3.
Mark Mullen (pictured), chief executive at Atom said: “It has been a year of excellent progress for Atom. We’ve achieved a number of important financial milestones, maintained our excellent reputation with our customers and with the introduction of our shorter four-day working week with no loss of pay, we’re pioneering the future of work.
“Our investors are now backing our continued growth.”
Mullen said the capital would allow Atom to build on the progress it had already made.
“It is also a fundamental next step on our journey toward IPO,” he added.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
