Atom Bank reports operating loss of GBP 36 mln

Friday 27 August 2021 15:17 CET | News

Atom Bank has reported an underlying operating loss of GBP 36 million in the year ended March 2021, down from GBP 46 million in the previous year.

The UK digital bank also recorded a statutory loss before tax of GBP 62 million, down from GBP 66 million in 2020. But the challenger predicts it will breakeven sometime next year. In April, Atom confirmed a GBP 40 million funding round, halving the bank’s valuation.

The bank said the slight improvement in losses this year could be attributed to bringing together a number of initiatives, including diversifying the bank’s savings range by introducing its Instant Access Saver.

The chief said that the UK bank had successfully completed commissioning of its new banking technology stack. Running in Google’s Cloud Platform (GCP), Atom has partnered with Thought Machine to deliver Vault, a cloudnative and smart contract based banking core, which has been used to launch its new Instant Access Saver.

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Keywords: digital banking, challenger bank, funding, partnership
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech