Atom Bank has secured over £100 million in new equity capital from BBVA, Toscafund and Infinity Investment Partners, its long-term shareholders. The funds will be used to increase lending following a period of impressive growth. In FY23, the bank achieved revenue growth of 62%, doubled its customer numbers to 224,000, and increased its savings deposits to £6.6 billion. The bank has already surpassed its operating profit figure from last year in the current financial year. The bank has already loaned more than £4bn to UK homeowners and over £1bn to small businesses since its launch, with the funds enabling it to extend its lending activities.
The latest funding round was part of Atom’s long-term strategy to deliver a liquidity event in the future. The capital will enable the bank to enhance its balance sheet growth and create a more compelling proposition for savers, homeowners, first time buyers, and SMEs that is faster, easier and better value than what competitors and high street banks offer.
CEO Mark Mullen said the funding was a “vote of confidence in Atom from our investors”. The bank has a fundamental financial model and tight control over its costs. It delivers consistently great value to its customers by treating them fairly. The mission of Atom Bank is to change banking for the better for everyone.
The latest investment values the bank at £362m. Last year, Atom raised over £75m in a funding round that valued the company around £435m. However, higher interest rates and cautious investor sentiment in the market have led to the current valuation. The money raised will be utilised to drive growth and fuel the development of the Atom Bank franchise.
In conclusion, Atom Bank’s strategy to secure new investments from its long-term shareholders will enable it to drive balance sheet growth and extend its lending activities. Its fundamental financial model and excellent track record of lending responsibly will ensure that the funds are put to good use in achieving its mission to change banking for the better.
Atom Bank has secured over £100 million in new equity capital from BBVA, Toscafund and Infinity Investment Partners, its long-term shareholders. The funds will be used to increase lending following a period of impressive growth. In FY23, the bank achieved revenue growth of 62%, doubled its customer numbers to 224,000, and increased its savings deposits to £6.6 billion. The bank has already surpassed its operating profit figure from last year in the current financial year. The bank has already loaned more than £4bn to UK homeowners and over £1bn to small businesses since its launch, with the funds enabling it to extend its lending activities.
The latest funding round was part of Atom’s long-term strategy to deliver a liquidity event in the future. The capital will enable the bank to enhance its balance sheet growth and create a more compelling proposition for savers, homeowners, first time buyers, and SMEs that is faster, easier and better value than what competitors and high street banks offer.
CEO Mark Mullen said the funding was a “vote of confidence in Atom from our investors”. The bank has a fundamental financial model and tight control over its costs. It delivers consistently great value to its customers by treating them fairly. The mission of Atom Bank is to change banking for the better for everyone.
The latest investment values the bank at £362m. Last year, Atom raised over £75m in a funding round that valued the company around £435m. However, higher interest rates and cautious investor sentiment in the market have led to the current valuation. The money raised will be utilised to drive growth and fuel the development of the Atom Bank franchise.
In conclusion, Atom Bank’s strategy to secure new investments from its long-term shareholders will enable it to drive balance sheet growth and extend its lending activities. Its fundamental financial model and excellent track record of lending responsibly will ensure that the funds are put to good use in achieving its mission to change banking for the better.