British challenger bank Atom has obtained a £30m Tier 2 capital facility from British Business Bank Investments (BBBIL), a unit of state-backed British Business Bank.
The capital will support the growth plans of the digital bank and help it lend to UK corporates and smaller businesses.
Go deeper with GlobalData
Atom founder and chairman Anthony Thomson said: “Together with the British Business Bank, we are sending a clear sign – we are here to support UK SMEs. This facility provides us with tremendous flexibility. Like all banks, we are actively managing our capital structure and having access to Tier 2 capital at this stage helps support our growth and is a great result for Atom, its shareholders and customers.”
The funding was made under BBBIL’s Investment Programme that has hitherto committed over £580m to UK SMEs fund providers.
British Business Bank Investments CEO Catherine Lewis La Torre added: “We have seen challenger banks becoming an increasingly important source of UK SME funding and we believe a committed regulatory capital facility will not only support Atom’s growth trajectory but will also drive the bank’s ability to lend to UK SMEs.”
Atom secured a banking licence in June 2015, and started operations in April the following year with offerings of fixed term savings, and secured lending to SME businesses.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
