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Atom Bank secures £100m from shareholders

Atom Bank CEO, Mark Mullen
Atom Bank CEO, Mark Mullen

Durham-based fintech Atom Bank has received over £100m in equity funding from existing investors BBVA, Toscafund and Infinity Investment Partners.

The neobank will use its latest investment to increase its lending book customers, adding to its existing £4bn lent to homeowners in the UK.

Atom Bank CEO Mark Mullen previously said he intends to IPO the digital lender in London this year, but the timeline has been pushed back amid a challenging market.

Mullen told UKTN: “As a UK business, and if Atom were to IPO, we are likely to list in London, however, we will consider other options should they result in a better outcome for the bank and our shareholders.”

In its latest financial results, Atom reported an annual operating profit of £4m and revenue shooting up by 62%.

According to the challenger bank, its annual operating profit for this financial year is at more than £25m and exceeds £100m in annualised net interest income.

“We are a cautious bank with an excellent track record of lending responsibly and successfully,” said Mullen, who co-founded Atom Bank with Anthony Thompson in 2013. “We have a compact business model and we keep tight control over our costs.”

Atom Bank raised significant funding last year, with a £75m round in February 2022 followed by a November boost of £30m.