Atom bank to raise £40m
Atom, the UK’s first app-based bank, is to raise £40m from existing shareholders as it moves to profitability from its mortgage and business lending within a year, and to IPO the year after.
Atom’s revenues are growing strongly and the bank is on course to achieve 100bps of Net Interest Margin (NIM) by the end March 2021. Atom will have grown lending to SMEs on its balance sheet to over £700m by the end of March 2021, a tripling of business loans in the last 12 months. This growth has been achieved both within the Coronavirus Business Interruption Loan Scheme and also independent of government schemes.