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WBD has advised long standing client Atom bank, the UK’s first bank built exclusively for mobile, on its latest multi-million fundraising round with participation from BBVA, Toscafund, Woodford Patient Capital Trust and funds advised by Perscitus LLP.
The new capital will be used to fund further growth and to continue the bank’s investment in technology. Atom continues to be a fast-growing challenger in the UK’s lending markets. The bank’s total lending, for homeowners and small businesses, has grown by 76% in the past year to £2.4bn, supported by growth in deposits from £1.4bn to £1.8bn. Right now, Atom is welcoming up to £20m of business and £10m of residential mortgage applications each week, and just last week Atom was named Best Online Lender at the What Mortgage Awards for the second consecutive year.
Simultaneously, Atom is making excellent progress with re-platforming the bank into the cloud and preparing to launch new products using Thought Machine’s world-leading smart contract core banking technology.
Bridget Rosewell, Chairman at Atom said:
“This latest raise recognises the enormous progress that we have made on our journey to disrupt UK banking, and is a clear signal of our investors support for our future plans.”
Mark Mullen, Chief Executive Officer and co-founder at Atom said:
“What’s important to customers is good products, good service and good value so that’s where we’ve spent the majority of our time and energy. We’re growing our team here in the North East and will add 50 new roles this year to help us expand the range of products and services we offer, starting with Instant Access savings in the autumn. More than ever we are convinced of the importance of Atom’s role to drive positive change in UK banking. We are grateful to Womble Bond Dickinson for their support and advice in relation to this funding round.”
The Womble Bond Dickinson team who advised on the complex transaction was led by Corporate Partner, Ben Butler and included Managing Associate, Catherine Willis and Solicitor, Oliver Rickett. The firm has a longstanding relationship with the challenger bank and has been involved in the creation of Atom from the start.
Ben Butler, commented:
"Atom continues to reshape today's financial services landscape and challenge the traditional notion of what a bank should be. This latest fundraising round is excellent news and will allow Atom to develop yet more innovative and progressive solutions for consumers and businesses. We're delighted to have advised them on this transaction and look forward to continue working with the Atom team."
Ranking in the UK's top 20 law firms, WBD provides legal expertise in eleven key sectors from across eight offices in the UK, including London, and 19 offices in the US. The firm's key sectors include Financial Institutions; Real Estate; Insurance; Energy & Natural Resources; Healthcare; Manufacturing; Retail & Consumer; Transport, Logistics & Infrastructure; Pharmaceuticals, Biotechnology & Life Sciences; Technology and Private Wealth.
