Atom Bank Secures £40M
Atom bank, has confirmed that its £40m raise will be led by Toscafund Asset Management LLP and BBVA. As the bank heads towards profitability, the £40m raise includes an offer to participate for qualifying shareholders in new ‘A’ class shares in Atom priced at 60 pence.
Atom’s revenues are growing strongly and the bank is on course to achieve over 100bps of Net Interest Margin (NIM) by the end March 2021. Atom is forecast to 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.