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Atom bank raises £30m funding

  • 25/11/2022
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Atom bank raises £30m funding
Atom bank has secured £30m in additional equity following an agreement with BBVA, Toscafund and Infinity Investment Partners.

This follows the £75m the challenger bank raised in February, taking its total funding to £100m. 

The money will be used to support the bank’s lending as well as drive growth and development. 

Atom’s last set of results for the year ending March 2022 showed the bank increased its residential mortgage assets to £1.5bn, up from £1bn, and saw its first month of operating profit during the period. 

It recently relaunched its prime and near-prime mortgages, and amended its serviceability to allow more lending to SMEs. 

Mark Mullen, chief executive at Atom, said: “I’m delighted that the bank’s continued success means that BBVA, Toscafund and Infinity Investment Partners have added to their stake in Atom, and taken new capital investment during 2022 to over £100m.  

“Our prudent, secured lending model, backed by award winning retail savings allows us to make the very most of capital to support income growth and boost customer numbers. This will remain our focus.” 

He added: “This year has been one of continued progress and development at Atom. In recent weeks we surpassed £4.5bn in retail deposits having made waves with the pricing of our fixed and instant savers, opening up a void between banks such as Atom that pay a fair return on savings and those that are simply unresponsive to the market.  

“Alongside continued growth in our mortgage and business lending books, the bank is proving that our clear focus on being fast, easy, and value for money is something that will keep benefiting both our customers and shareholders.” 

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