App-based bank听Atom听is to raise 拢40m from existing shareholders听as it eyes a path to profitability and a float on the stock market.听
The Durham firm has听fast-growing revenues听and听expects听its听lending to SMEs听to top听拢700听million听by the end of March听following听a tripling of business loans in the last 12 months.听听
It says this growth has been achieved both within the Coronavirus 老九品茶 Interruption Loan Scheme听and also听independent of government schemes.听
Simultaneously, Atom has seen strong and profitable growth in its mortgage portfolio, having already added 拢362m of mortgages in the second half of its financial year 2020/21.听听
Since its launch, Atom has loaned 拢2.8听billion to UK mortgage customers. The Durham-based lender also confirmed its place in the secondary markets for UK mortgages, issuing a 拢775m prime mortgage securitisation last year.听
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Its听savings products are now hosted on UK听FinTech Thought Machine鈥檚 transformational 鈥榁ault鈥� platform 鈥� part of a transformation to real-time cloud native technology across all of Atom鈥檚 technology stack that has also been completed in the last year.听听
The bank says this step change in income and technology has been achieved while continuing to hold operating costs flat.听
鈥淲e think of Atom as an exceptionally engaging and efficient banking machine that helps and supports customers to own their homes or build their businesses,鈥� said听CEO听Mark Mullen.听听
鈥�We鈥檝e been there for new and existing customers during the pandemic, and in a year when we have held our operating costs听constant听I鈥檓 delighted that we have coupled substantial income growth with an enviable record of customer experience.鈥�听
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Asked about the future and the possibility of an IPO for Atom, Mullen said: 鈥淲e turn to our shareholders for capital as and when we need it to drive growth.听听
鈥�Despite it being a difficult environment for all companies that need to raise funding, this capital raise will allow us to continue to progress towards profitability and ever-improving levels of efficiency and engagement.听听
鈥�The team retains an IPO as our听objective听鈥撎�and听we鈥檒l take the business there when we and the markets are ready.听
鈥�After the year that鈥檚 just听gone,听I鈥檓 not going to claim perfect foresight;听but we鈥檙e looking at the financial year 2022/23 as our IPO target.鈥�听
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