Tuesday, February 27, 2024
HomeFunding UK-based App-based Bank Atom Secures £100m in Funding

[Funding alert] UK-based App-based Bank Atom Secures £100m in Funding

UK-based Atom, an app-based bank, has secures £100 million. BBVA, Toscafund, and Infinity Investment Partners were among the backers. The company plans to use the money to build an attractive offer for savers, homeowners, first-time buyers, and SMEs, as well as to speed up lending and balance sheet growth.

UK-based Atom, an app-based bank, has secures £100 million. BBVA, Toscafund, and Infinity Investment Partners were among the backers. The company plans to use the money to build an attractive offer for savers, homeowners, first-time buyers, and SMEs, as well as to speed up lending and balance sheet growth.

Under the leadership of CEO Mark Mullen, Atom is a mobile bank that provides secured business loans for small and medium-sized businesses along with mortgages and savings through its app. Customer service is offered by the business via phone, chat, email, and social media.

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Atom, which was founded in 2016, announced its first complete year of operational profit, showcasing the potential of its scalable and cost-effective business strategy. The FY23 findings indicated a 62% increase in income, a doubling of customers to 224,000, and a rise in savings deposits to £6.6 billion.

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This fiscal year, the company is currently exceeding that operating profit threshold, with a current quarterly run-rate generating +£100 million in annualised net interest income and +£25 million in operating profit. Since its founding, Atom has lent more over £1 billion to small enterprises and more than £4 billion to households in the UK.

About Atom bank

Atom not the typical bank. They don’t require you to log in to a website, give you paper statements, or have branches. Simply open their banking app and start managing your funds.

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When they debuted in 2016, they were the first app-based bank in the UK. Since then, thousands of clients have remained happy thanks to their transparent and competitive mortgage and savings rates, as well as their award-winning customer service.

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