Atom is a mobile, app-based bank that offers mortgages and savings via its app and provides secured business lending for small and medium-sized enterprises. The company offers customer support by phone, chat, email and social channels. Launched in 2016 and based in Durham, Atom recently reported its first full year of operating profit. FY23 results showed 62% revenue growth, customer numbers doubling to 224,000, and savings deposits rising to £6.6bn. The company says its current quarterly run-rate is generating +£100m of annualised net interest income and +£25m of operating profit. Since launch Atom has lent more than £4bn to UK homeowners and over £1bn to small businesses. Atom bank operates an app-based bank that offers mortgages and savings products through its mobile app, alongside secured business lending for small and medium-sized enterprises. The bank provides customer support via phone, chat, email and social channels. Launched in April 2016 and led by CEO Mark Mullen, Atom has grown to a team of over 470 people. The company is based in Durham and in 2022 signed a five-year Memorandum of Understanding with Durham University to progress research and diversity initiatives. Financially, Atom has been actively fundraising, having raised more than £100m over the last 12 months and using new proceeds to fund ongoing growth and development of the bank. Atom is a digital, app-based bank that launched operations in April 2016 and offers Fixed Saver accounts, an Instant Saver, secured business lending for SMEs and an automated mobile mortgage proposition. The company has a team of over 400 people and has continued to grow revenues while tightly controlling costs. Atom delivered its first monthly operating profit during Q2 and is pursuing a drive to IPO. Over the past 12 months the lender has raised more than £115m. The bank continues to expand its retail and SME products via its mobile-first platform. Atom Bank is a UK digital challenger bank launched in April 2016. It has loaned £2.8 billion to UK mortgage customers since launch and plans to grow lending to SMEs on its balance sheet to over £700 million by the end of March 2021. The bank is raising £40 million (about €46.4 million) from existing investors to support that growth. Existing investors named include BBVA, Toscafund, and Woodford Patient Capital Trust; Atom has raised about £450 million to date. CEO Mark Mullen said the capital raise will allow the company to continue to progress towards profitability and to improve efficiency and engagement. The firm is planning a public listing as early as next year and is targeting the 2022/23 financial year for an IPO. Atom Bank is a UK challenger bank focused on mobile-first savings accounts, residential mortgages and small-business lending, targeting mainly millennial customers. It has been migrating its core banking technology to Thought Machine’s Vault platform to move operations to the cloud and reduce running costs. The bank plans to expand its product range (including Instant Access savings in the autumn) and is hiring, with 50 new North East roles planned. Operational metrics show total lending up 76% year-over-year to £2.4 billion, with deposits of £1.8 billion (up from £1.4 billion). Atom reports weekly applications of up to £20 million for business loans and £10 million for residential mortgages. The company was co-founded by Anthony Thomson and positions itself to compete with other UK challenger banks.

Total raised

$811M

Funding rounds

8

Latest round

Equity

Latest activity

Nov 2023