App-based bank Atom has raised a further 拢30 million from its investors and says a stock market flotation is still in the pipeline.
BBVA, Toscafund and Infinity Investment Partners are to add a further 拢30m in equity to the Durham-based neobank鈥檚 balance sheet following its 拢75m raise in February.
Atom, which has now raised more than 拢100m in the last 12 months, says it will continue to support its lending customers – homeowners, first-time buyers and SMEs – during the UK recession.
Despite falling public markets, it stated: 鈥淚t is also another positive step in Atom鈥檚 plans for growth and a future public markets listing.鈥�
It initially mooted an IPO in February 2021, with a target of the ‘financial year 2022/23’.
The company says growth in both lending and retail deposits has driven a significant increase in net interest income in 2022, while it has delivered positive operating profit.
鈥淚鈥檓 delighted that the bank鈥檚 continued success means that BBVA, Toscafund and Infinity Investment Partners have added to their stake in Atom, and taken new capital investment during 2022 to over 拢100m,鈥� said CEO Mark Mullen.聽
鈥淥ur prudent, secured lending model, backed by award winning retail savings allows us to make the very most of capital to support income growth and boost customer numbers. This will remain our focus.
鈥淭his year has been one of continued progress and development at Atom. In recent weeks we surpassed 拢4.5bn in retail deposits having made waves with the pricing of our fixed and instant savers, opening up a void between banks such as Atom that pay a fair return on savings and those that are simply unresponsive to the market.聽
鈥淎longside continued growth in our mortgage and business lending books, the bank is proving that our clear focus on being fast, easy, and value for money is something that will keep benefiting both our customers and shareholders.鈥�