Atom Bank has raised more than £75m in new equity priced at 70p per share as the app-based bank continues to grow its profitability.

The announcement follows a £40m raise in April 2021, meaning the digital lender has now raised more than £115m in the last 12 months.

Atom confirmed that the raise will be led by by BBVA and Toscafund, with co-investors Infinity Investment Partners, and is now being opened to other existing shareholders.

In 2021, Atom surpassed £3bn of mortgage completions, with applications for its digital loans peaking at £315m in Q3. The bank's on-balance sheet lending to small businesses also surpassed £1bn during 2021.

Atom CEO Mark Mullen, commented: “It has been a year of excellent progress for Atom. We’ve achieved a number of important financial milestones, maintained our excellent reputation with our customers and with the introduction of our shorter four-day working week, with no loss of pay, we’re pioneering the future of work.

“Our investors are now backing our continued growth. This capital will allow Atom to build on the progress we have made, and to keep offering real competition for people who want to own their own home, grow their own businesses and – at a time of rapidly rising costs – save for the future. It is also a fundamental next step on our journey toward IPO.”

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