Atom, the app-based challenger bank headquartered in the North East of England, has raised an additional £50 million in funding from existing investors. The fast-growing fintech has now raised a total of £419 million over seven rounds.
The money came from Spanish banking group BBVA, investment firm Toscafund, Woodford Patient Capital Trust and funds advised by Perscitus. In a statement, Atom said the new capital will be used to fund further growth and to continue the bank’s investment in technology.
“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,” said chairman Bridget Rosewell.
Chief executive Mark Mullen said Atom plans to grow its team in Durham and will be adding 50 new roles to “help us expand the range of products and services we offer”. This will start with Instant Access savings in the autumn.
After securing its banking license in June 2015, Atom bank launched operations in April 2016.
The bank’s total lending, for homeowners and small businesses, has grown by 76% in the past year to £2.4 billion , supported by growth in deposits from £1.4 billion to £1.8 billion.