Atom bank raises £30m to fuel lending and further growth

25 November 2022

Atom bank, the UK’s first app based bank, has agreed terms with BBVA, Toscafund and Infinity Investment Partners to add a further £30m in equity to its balance sheet. It follows the £75m that Atom raised in February and means that the Durham-based digital lender has now raised more than £100m in the last 12 months. The money will be used to fuel further lending and drive the ongoing growth and development of the bank.

The raise will enable Atom to continue to support its lending customers - homeowners, first-time buyers, and SMEs - in this difficult economic environment. It is also another positive step in Atom’s plans for growth and a future public markets listing.

Despite a changing backdrop, Atom has continued to deliver a strong performance in 2022. Growth in both lending and retail deposits has driven a significant increase in net interest income, and Atom has delivered positive operating profit whilst the bank continues its disciplined control of costs. The bank continues to provide a great deal for savers, winning customers with its combination of ease, speed and better value than the high street banks.

As a result of its focus on customer outcomes, Atom remains one of the most trusted banks in the UK, with a Trustpilot score of 4.7/5. The bank’s 5 star rated iOS app sets the standard for direct, digital banking. Atom also continues to pioneer the future of work and offer a better value proposition to its employees. As a result, the bank benefits from significantly improved employee retention, strong applications for new roles, and lower rates of employee absence, driven by its industry-leading move to a four-day working week.

Mark Mullen, Chief Executive Officer at Atom, said:

“I’m delighted that the bank’s 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 £100m. Our 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.”

“This year has been one of continued progress and development at Atom. In recent weeks we surpassed £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. Alongside 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.”


For more details journalists can contact:

For Lansons

Ed Shelley, 07825 427522

For Atom

Robbie Steel, 07538 775 701

About Atom bank

Atom bank is the UK’s first app-based bank, on a mission to make the experience of borrowing and saving faster, simpler and better value than anyone else.

The bank launched operations in April 2016, and offers award-winning mortgages and savings through its app, alongside secured business lending for small and medium-sized enterprises.

Based in the North East of England with a team of over 470 people, Atom is here to ​​change banking for the good, for the better, and for everyone. This means focusing on customers’ needs, delivering better value than the incumbents, providing an exceptional app-based experience and offering award-winning customer support via phone, chat, email and social channels.

Based in Durham, Atom is an engaged and active member of the North East Community. In 2022 Atom signed a five-year Memorandum of Understanding with Durham University to progress key research and diversity initiatives. The region has one of the highest levels of youth unemployment in the UK and Atom is passionate about addressing the critical digital skills gap and helping develop young people and other groups that are under-represented within the industry.

As of November 2021, all employees enjoy a four-day working week, after Atom became the largest company - and only bank - in Britain to introduce the policy, with no reduction in salary.

The Atom executive team are highly experienced, having built and run some of the most well-respected banks in the UK. CEO Mark Mullen has 30 years’ experience in the sector and was previously CEO at the multi- award-winning telephone and internet bank first direct. The team is supported by a strong non-exec board, chaired by Bridget Rosewell CBE.