Atom Bank now valued at GBP 435 mln

The fundraising was led by Spanish financial services group BBVA, which has a 39% stake in the business, alongside UK-based investment firms Toscafund and Infinity Investment Partners.

App-based bank Atom announced the funding as it reported its first quarterly profit of 2021 and said it was on target to post its first full year’s profitability in 2023.

From April 1, 2021, to the end of the year, Atom increased total customer deposits by 16% to GBP 2.5 billion compared with its full financial year to March 31, 2021.

Atom said that mortgage and business loans had grown 30%, with applications for digital loans peaking at GBP 315 million in the three months to December 31, 2021.

While Atom was targeting a stock market listing for 2023, the company is trying to pick the ideal moment based on both its own performance and the wider economy.