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.
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.
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.
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.