Atom Bank on track for balance sheet growth following £100m equity raise
UK challenger Atom Bank has raised over £100 million in equity capital as part of its plans to “accelerate lending and balance sheet growth”.
Atom raises £100m in equity capital
The bank’s “long-term” shareholders, BBVA, Toscafund and Infinity Investment Partners, took part in the private capital raise.
The trio of investors previously enabled the bank to secure £105 million in funding last year across two capital raises.
Atom says the new funds will be applied to “ramp up” its lending capacity, and claims to have already loaned £4 billion to UK homeowners and over £1 billion to small businesses since its inception in 2013.
Describing Atom as “a cautious bank” that keeps “tight control over our costs”, CEO Mark Mullen says the funds will be “put to work to drive growth and to fuel the development of our franchise”.
While attempting to deliver “better outcomes” for UK borrowers while taking on the market incumbents, Atom’s latest equity capital raise correlates with the positive trajectory of its growth as a bank.
In July this year, Atom reported its first ever operating profit, after recording a £2 million loss the year prior. It claims to be riding revenue growth of 62% having amassed 224,000 customers during FY23.
