Atom Bank raises £50 million

Atom Bank , which offers mobile-first savings accounts, mortgages and small business loans, has announced a £50m financing round with participation from BBVA, Toscafund, Woodford Patient Capital Trust and funds advised by Perscitus LLP.

Atom continues to be a fast-growing challenger in the UK’s lending markets. The bank’s total lending, for homeowners and small businesses, has grown by 76% in the past year to £2.4bn, supported by growth in deposits from £1.4bn to £1.8bn. Right now, Atom is welcoming up to £20m of business and £10m of residential mortgage applications each week. Yet, it still requires funding.

“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.” – Mark Mullen, Chief Executive Officer at Atom.