The new financial support will be used to accelerate lending following a period of record growth. The capital raise process started early this year, and forms part of Atom’s long-term strategy to deliver a liquidity event in the future.
Recently, Atom announced its first full year of operating profit. The results from the end of the firm’s financial year for 2023 showed revenue growth of 62 per cent, with customer numbers doubling to 224,000, and savings deposits rising to £6.6bn
Atom has already eclipsed those figures for the current financial year, with current quarterly run-rate generating over £100m of annualised net interest income, and more than £25m of operating profit.
The digital lender says that the hike in revenues can allow them create a more competitive proposition for savers, homeowners, first-time buyers, and SMEs.
Atom has already loaned more than £4bn to UK homeowners, and over £1bn to small businesses since its launch.
Atom: Delight at ‘vote of confidence’
Mark Mullen (pictured), the chief executive officer at Atom, said: “I’m delighted with this vote of confidence in Atom from our investors, and to have their ongoing backing is a fantastic boost. Atom continues to grow strongly and sustainably.
“We are a cautious bank with an excellent track record of lending responsibly and successfully. We have a compact business model and we keep tight control over our costs. We look after our customers by offering them consistently great value and treating them fairly.
“This money will be put to work to drive growth and to fuel the development of our franchise. UK customers need better outcomes and better banks. Our vision remains as valid today as it was when we founded the company, change banking for good, for the better, for everyone.”
