Atom financial institution has raised over £100m in new fairness capital from long-term shareholders BBVA, Toscafund and Infinity Funding Companions.
The funds shall be used to speed up lending following a interval of document progress.
Atom not too long ago introduced its first full 12 months of working revenue, demonstrating the potential of its price environment friendly and scalable mannequin. The FY23 outcomes noticed income progress of 62%, buyer numbers doubling to 224,000, and financial savings deposits rising to £6.6bn. Atom has already eclipsed that determine for working revenue this monetary 12 months, with present quarterly run-rate producing +£100m of annualised internet curiosity revenue and +£25m of working revenue. The financial institution additionally has trade main ranges of customer support, with TrustPilot, iOS and Android rankings of 5 stars and a NPS rating within the excessive 80’s.
The capital will allow Atom to speed up steadiness sheet progress, and create an much more compelling proposition for savers, householders, first time patrons, and SMEs, which is quicker, simpler and higher worth than what is obtainable by opponents and the excessive avenue banks. Atom has already loaned greater than £4bn to UK householders, and over £1bn to small companies since launch, with the funds enabling the digital financial institution to additional ramp up lending exercise.
The capital increase course of began early this 12 months, and varieties a part of Atom’s long-term technique to ship a liquidity occasion sooner or later.
Mark Mullen, Chief Government Officer at Atom, mentioned:
“I’m delighted with this vote of confidence in Atom from our buyers, and to have their ongoing backing is a improbable increase.”
“Atom continues to develop strongly and sustainably. We’re a cautious financial institution with a wonderful monitor document of lending responsibly and efficiently. We’ve got a compact enterprise mannequin and we maintain tight management over our prices. We glance after our clients by providing them persistently nice worth and treating them pretty.”
“This cash shall be put to work to drive progress and to gasoline the event of our franchise. UK clients want higher outcomes and higher banks. Our imaginative and prescient stays as legitimate in the present day because it was after we based the corporate – change banking for good, for the higher, for everybody.”
