Atom to raise £40 million ahead of potential IPO

The UK's first app-only bank Atom is to raise £40 million from existing investors ahead of a potential IPO next year. The fund raising effort comes as the Durham-based bank approaches profitability on the back of robust growth in mortgage and business lending. Driven by tail-winds from the pandemic, Atom will 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. Simultaneously, Atom is reporting profitable
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