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.
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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.
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