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UK digital bank Atom has raised £100 million in new equity at a discounted valuation

2 noiembrie 2023

The funds will be used to accelerate lending and balance sheet growth as the digital bank continues to challenge the incumbents. The raise comes after Atom in July reported its first ever annual operating profit of £4 million. The new capital values the bank at £362 million, down from £435 million last year.

Atom bank, the UK’s first app based bank, has raised over £100m in new equity capital from long-term shareholders BBVA, Toscafund and Infinity Investment Partners. „This is believed to be the largest private capital raise by a digital bank in the UK this year, and the funds will be used to accelerate lending following a period of record growth.” according to the press release.

Atom recently announced its first full year of operating profit, demonstrating the potential of its cost efficient and scalable model. The FY23 results saw revenue growth of 62%, customer numbers doubling to 224,000, and savings deposits rising to £6.6bn. Atom has already eclipsed that figure for operating profit this financial year, with current quarterly run-rate generating +£100m of annualised net interest income and +£25m of operating profit. The bank also has industry leading levels of customer service, with TrustPilot, iOS and Android ratings of five stars and a NPS score in the high 80’s.

The capital will enable Atom to accelerate balance sheet growth, and create an even more compelling proposition for savers, homeowners, first time buyers, and SMEs, which is faster, easier and better value than what is offered by competitors and the high street banks. Atom has already loaned more than £4bn to UK homeowners, and over £1bn to small businesses since launch, with the funds enabling the digital bank to further ramp up lending activity.

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.

Mark Mullen – 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.”

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:


In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?