The funding will help Atom Bank accelerate toward an IPO. Here are the top-line bullets you need to know.
Atom Bank, a digital-only bank, has raised $101.6M in a Series G. The round drew participation from Toscafund Asset Management, BBVA New Digital Ventures, and Infinity Investment Partners.
HOW’S THE COMPANY PERFORMING?
- UK-based Atom Bank offers secured business lending services and savings accounts for SMEs via its mobile app.
- Over the past 9 months, the company has increased mortgage and business lending by 30%.
- In 2021, Atom Bank’s customer deposits grew by 16% to reach $3.4B. During the same period, its on-balance sheet lending to small businesses crossed $1.36B.
- It has a team of 400+ people.
Source: Atom Bank
WHY DOES THE MARKET MATTER?
- The global digital banking market is expected to reach a value of $1.61T by 2027, growing at a CAGR of 8.9%, according to Research Dive.
- 3.6B individuals — roughly 1 out of every 2 adults — will use digital banking services across mobile and desktop platforms by 2024, according to Juniper Research.
- Worldwide adoption of smartphones and the internet has also increased mobile or digital banking platform usage.
- Global shutdowns and branch closures stemming from the outbreak of Covid-19 have also spurred the adoption of digital banking.
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