Atom Bank bags £50m investment to fuel future tech growth

Atom Bank has raised £50m in a fundraising round with participation from three partners plus the advice of Perscitus LLP.

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

Atom Bank’s total lending, for homeowners and small businesses, has grown by 76 per cent in the past year to £2.4bn, supported by growth in deposits from £1.4bn to £1.8bn.

Right now, Atom is welcoming up to £20m of business and £10m of residential mortgage applications each week.

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.”

Atom, uniquely across Europe, has been named in the Top 10 of KPMG’s Fintech 100 for each of the past four years.

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.”

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