The branch-free banking experience proposed by Atom Bank has remarcable results: in less than two years of operations, Atom has taken £1.3bn of deposits and loaned over £1.2bn to SME businesses and homeowners in the UK. Investors are thrilled and support bank with a new round of investments.
In its latest fundraising round, Atom Bank announces it has raised £149m. As part of this fundraising round BBVA will invest a further £85.4m, increasing its ownership to around 39% subject to regulatory and shareholder approval.
Atom says the fresh capital injection will be used to roll out new products and services, building on the opportunities created by the introduction of Open Banking and PSD2.
„The injection of capital will secure Atom’s continued rapid growth as a lender and fund further investment in technology and business capabilities.” the bank said.
Since its creation in April 2014, Atom has raised almost £400m of equity capital through the support of private and institutional investors, including BBVA.
Bridget Rosewell, Atom bank’s Chair said: “Atom is a rapidly growing, ambitious and vibrant business that is founded on the unique fit of our shareholders, our team and our partners. I am delighted that our investors have decided to back the bank with such a significant injection of capital to fuel our mission to change banking permanently for the better”.
Atom bank’s CEO, Mark Mullen said: “We are very proud of what we have achieved in the Atom journey to date and we are excited about our plans for the future. This further significant injection of capital secures the bank’s place as a disruptive force in the mainstream of UK banking. We will continue to invest in growth, in our technology and in our products as we continue to push ahead with the support of our investors.”
About Atom Bank
After securing its banking license in June 2015, Atom Bank launched operations in April 2016, offering market-leading Fixed Saver accounts and secured business lending for small and medium-sized enterprises (‘SMEs’). From the start, Atom set out to build a customer- driven bank, designed to meet their new needs and optimised for mobile technologies.
Atom bank launched its first mobile mortgage product a year ago and has recently announced it has taken £1.3bn of deposits and has now lent £1.2bn to small businesses and homeowners.
Atom is determined to set the agenda for what the future of banking looks like, redefining the relationship customers have with their money, providing a unique, branch-free, banking experience, built around the best interests of customers. They want customers to be more engaged with their finances, giving them the ability to manage their own money just by using the Atom app. A dedicated 24/7 support team will be on hand to help with any customer queries through phone, chat, email and social media, working out of their Durham HQ.
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:
