Atom bank announces £50m raised in latest fundraising round
The mobile bank has raised £50 million in a fundraising round with participation from BBVA, Toscafund, Woodford Patient Capital Trust and funds advised by Perscitus LLP.
Atom bank, the UK’s first bank built exclusively for mobile, today announces it has raised £50 million in a fundraising round with participation from BBVA, Toscafund, Woodford Patient Capital Trust and funds advised by Perscitus LLP.
The funds raised are set to used to finance further growth and to continue the bank’s investment in technology.
Atom continues to be a fast-growing challenger in the UK’s lending markets. The bank says its total lending, for homeowners and small businesses, has grown by 76% in the past year to £2.4 billion. At present, Atom is welcoming up to £20 million of business and £10 million of residential mortgage applications each week.
In the meantime, Atom is making progress with re-platforming the bank into the cloud and preparing to launch new products using Thought Machine’s smart contract core banking technology. In November 2018, Atom bank agreed a multi-year partnership with Thought Machine to put its next generation of personal and business banking products onto Thought Machine’s Vault platform.
Edward Twiddy, Atom’s Chief Innovation Officer, said back then:
“The coherence and elegance of Thought Machine’s Vault platform offers Atom a radically innovative and agile alternative to traditional banking technologies. Vault’s unique features such as its smart contract system for products, and workflow engine for bank processes, enables Atom to develop a bank which transmits its vision and values through the business and into the hands of our customers.”
Mark Mullen, Chief Executive Officer at Atom commented on today’s announcement about the latest fundraising round:
“What’s important to customers is good products, good service and good value so that’s where we’ve spent the majority of our time and energy. We’re growing our team here in the North East and will add 50 new roles this year to help us expand the range of products and services we offer, starting with Instant Access savings in the autumn. More than ever we are convinced of the importance of Atom’s role to drive positive change in UK banking.”