£83m capital injection for Atom Bank

£83m capital injection for Atom Bank

Industry disruptor Atom Bank, the UK’s first bank designed exclusively for mobile, has agreed a further £83m in equity, bringing the total capital raised to £219m.

They have secured further capital from current investors including BBVA, Woodford Investment Management, Toscafund Asset Management and others reaffirming their commitment to Atom’s future.

After securing its banking license in June 2015, Atom Bank launched operations in April 2016, offering two market-leading Fixed Saver accounts and secured business lending for small and medium-sized enterprises (‘SMEs’).

From the start, Atom set out to build a customer-driven bank, designed to meet their new needs and optimised for mobile technologies. Atom Bank recently launched its first mobile mortgage product, allowing borrowers to manage everything via an App. Atom plans to launch further products and enhancements to the App throughout 2017.

Atom aims to offer a great customer experience by using the best practices from leading digital firms and introducing them to the banking industry. Customers are able to open accounts using Atom’s mobile App, access their financial information in a simple way and take advantage of a range of unique tools that will help them get the most out of their money.

Commenting on the latest capital raise, Atom Bank’s founder and chairman, Anthony Thomson said: “We are very pleased with the response we have had from investors. Our customers benefit from the backing of highly reputable investors who are supportive of what we are doing. This is a great vote of confidence in our growth prospects and plans for the future.

“With the work we have done so far we are just beginning to see how transformational our new approach to banking can be. There is so much more to come from Atom in the coming months and years”.