Atom secures £30m Series D follow-on funding from BBVA, Toscafund and Infinity Investment Partners to fuel lending
The funding follows a £75m raise in February and will support ongoing growth and retail lending.
Atom is a digital retail bank operating in the UK that provides app-based savings and lending products. Based in Durham, it focuses on customer value and was the first app-based bank in the country.
Atom has secured £30m in a Series D follow-on funding round supported by BBVA, Toscafund and Infinity Investment Partners. The fresh equity injection brings the lender's total capital raised over the past twelve months to more than £100m following a previous £75m raise earlier in the year.
The Durham-based digital lender intends to use the capital to fuel further lending activities and support the ongoing development of the business. Management aims to strengthen support for homeowners, first-time buyers and small businesses while maintaining cost discipline.
Despite macroeconomic headwinds, the lender has posted positive operating profits and increased net interest income through deposit growth. The firm also continues to maintain its four-day working week policy for staff, which has helped improve employee retention.
From the founder
"I’m delighted that the bank’s continued success means that BBVA, Toscafund and Infinity Investment Partners have added to their stake in Atom, and taken new capital investment during 2022 to over £100m. Our prudent, secured lending model, backed by award winning retail savings allows us to make the very most of capital to support income growth and boost customer numbers. This will remain our focus."
Mark Mullen
Chief Executive Officer at Atom
Use of funds
- 01Fund the next phase of growth
Investors
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About the company
Atom
Atom operates as a digital app-based retail bank providing mortgages and savings products.