The Durham-based digital bank has raised £100m in equity funding from its existing investors.
In brief:
-Atom said the money will be used to accelerate the bank’s lending and balance sheet growth, with the bank continuing to operate profitably.
-The fresh funding today comes from the bank’s long-term backers BBVA, Toscafund and Infinity Investment Partners.
-While the company didn’t announce a new valuation, The Financial Times reported the bank had raised funding at £362m, down from the £435m price tag it held at the start of last year.
What does this mean?
“This money will be put to work to drive growth and to fuel the development of our franchise. UK customers need better outcomes and better banks. Our vision remains as valid today as it was when we founded the company – change banking for good, for the better, for everyone,” Mullen said.
