Durham’s Atom bank raises another £50m

Atom bank CEO Mark Mullen

Durham-based mobile technology bank Atom said on Monday it raised another £50 million in a fundraising round with participation from existing investors BBVA, Toscafund, Woodford Patient Capital Trust and also funds advised by Perscitus LLP.

“The new capital will be used to fund further growth and to continue the bank’s investment in technology …” said Atom bank.

“The bank’s total lending, for homeowners and small businesses, has grown by 76% in the past year to £2.4bn, supported by growth in deposits from £1.4bn to £1.8bn.

“Right now, Atom is welcoming up to £20m of business and £10m of residential mortgage applications each week, and just last week Atom was named Best Online Lender at the What Mortgage Awards for the second consecutive year.”

Atom chairman Bridget Rosewell said: “This latest raise recognises the enormous progress that we have made on our journey to disrupt UK banking, and is a clear signal of our investors support for our future plans.”

Atom bank CEO Mark Mullen said: “We’re growing our team here in the North East and will add 50 new roles this year to help us expand the range of products and services we offer, starting with Instant Access savings in the autumn.

“More than ever we are convinced of the importance of Atom’s role to drive positive change in UK banking.”