Digital lender Atom Bank has raised more than £75mn in new equity.
In Brief:
This investment comes ahead of its planned IPO.
The raise will be led by BBVA and Toscafund.
The total raised in the past year by Atom Bank now stands at £115mn.
What does this mean?
The challenger bank has said that its focus on lending has “come to fruition” recently, having passed £3bn of mortgage completions and £1bn in small business loans. Growth in lending and a reduction in costs have both positively impacted revenue and it will continue to grow its profitability as it moves toward an IPO.
