£30m to further Atom bank's growth

Anthony Thomson, founder and chairman of Atom

£30m to further Atom bank's growth

British Business Bank Investments is providing a £30m of funding to Durham’s Atom bank, as it looks to continue its rate of growth.

The funds will enable the bank to draw on additional capital in a flexible manner as it grows, supporting its growth and its desire to lend to UK corporates and smaller businesses

The £30m capital facility is being made under BBBIL’s Investment Programme, which has so far committed over £580m to providers of finance to UK SMEs.

Anthony Thomson, founder and chairman of Atom whom BQ interviewed in its latest edition, said: “Access to Tier 2 capital at such an early stage of the growth cycle is rare and we are extremely pleased to be gaining this support from British Business Bank Investments.

“Together with the British Business Bank, we are sending a clear sign – we are here to support UK SMEs.

“This facility provides us with tremendous flexibility. Like all banks, we are actively managing our capital structure and having access to Tier 2 capital at this stage helps support our growth and is a great result for Atom, its shareholders and customers.”

British Business Bank Investments is committed to addressing gaps in finance markets for smaller businesses, by investing in small business finance providers and promoting greater diversity in the supply of lending.

Atom’s choice to launch an SME proposition in its first product suite signals its intention to be a significant supporter of the UK SME market.

Catherine Lewis La Torre, CEO, British Business Bank Investments Ltd, adds: “Our investment in Atom bank demonstrates our commitment to increasing the diversity of small business finance by supporting recently licensed and ambitious challenger banks.

“We have seen challenger banks becoming an increasingly important source of UK SME funding and we believe a committed regulatory capital facility will not only support Atom’s growth trajectory but will also drive the bank’s ability to lend to UK SMEs.”