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- Atom Bank
Atom Bank Revenue, Valuation, Funding & Investors
Atom Bank is valued at $481M as of November 2023, a 4.8x multiple on its last reported $101M revenue.
Last Atom Bank valuation
$481M
Undisclosed stage · Nov 2023
Last Atom Bank funding round
$126M
Undisclosed stage · Nov 2023
Atom Bank revenue
$101M
Undisclosed stage · Nov 2023
Key investors in Atom Bank
Toscafund Asset Management
BBVA
Woodford Investment Management
Infinity Investment Partners
Outrun Ventures
Anthemis
About Atom Bank
Atom Bank is a Durham-headquartered digital-only bank in the United Kingdom offering personal savings accounts, fixed-rate bonds, mortgages, and business loans through its iOS and Android app. Customers authenticate via facial recognition, voice biometrics, and fingerprint, with 24/7 support from UK-based teams. Atom Bank utilizes Temenos core banking and issues FSCS-protected deposits up to £85,000. Authorized by the Prudential Regulation Authority in 2016, it serves over 100,000 customers nationwide.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Product sales
Revenue
$101M (Nov 2023)
Valuation
$481M (Nov 2023)
Atom Bank Valuation
Atom Bank is currently valued at $481M, based on its undisclosed-stage round in November 2023.
The $126M round included Infinity Investment Partners, Toscafund Asset Management and BBVA.
Atom Bank's valuation has grown 1.5x from $328M at its undisclosed-stage round in March 2017 to $481M in November 2023, across 6 priced rounds.
Atom Bank valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2023 | Undisclosed stage | $481M | 4.8x |
| Nov 2022 | Undisclosed stage | $555M | 5.5x |
| Feb 2022 | Undisclosed stage | $584M | - |
| Jul 2019 | Undisclosed stage | $632M | - |
| Mar 2018 | Undisclosed stage | $600M | 12.2x |
| Mar 2017 | Undisclosed stage | $328M | - |
Atom Bank Revenue
Atom Bank's latest recorded revenue is $101M, as of its undisclosed-stage round in November 2023. At a $481M valuation, that implies a 4.8x revenue multiple.
Revenue grew from $49M in March 2018 to $101M in November 2023, while the revenue multiple moved from 12.2x to 4.8x.
Atom Bank revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2023 | $101M | $481M | 4.8x | Undisclosed stage |
| Nov 2022 | $101M | $555M | 5.5x | Undisclosed stage |
| Mar 2018 | $49M | $600M | 12.2x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Atom Bank Funding History
Atom Bank has raised a total of $855M across 9 funding rounds.
Atom Bank's first fundraising round was a $39M undisclosed-stage round in December 2014. The most recent completed round was a $126M undisclosed-stage round in November 2023.
Atom Bank funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2023 | Undisclosed stage | Infinity Investment Partners; Toscafund Asset Management; BBVA | $126M | $481M | Atom Bank is the UK's first app-based digital bank delivering challenger banking services focused on savings deposits and lending products. The bank operates a lean, low-cost business model designed to challenge incumbent UK banks through technology-driven operations and competitive rates. In November 2023, Atom Bank raised £100 million in a private equity round with a post-money valuation of £362 million, aimed at accelerating lending activities and scaling the balance sheet during a challenging market backdrop. For the fiscal year ended March 2023, Atom Bank reported net interest income (revenue) of £76 million, representing 62% growth year-over-year, with net interest margin remaining strong at 2.84%. The bank achieved profitability milestones in FY23, delivering its first annual underlying operating profit of £4 million, and continued this momentum into FY24 with operating profit climbing to £27 million and a 39% increase in lending, demonstrating the success of its efficient and scalable business model. |
| Nov 2022 | Undisclosed stage | Infinity Investment Partners; Toscafund Asset Management; BBVA | $36M | $555M | Atom Bank, the UK's first app-based challenger bank launched in 2015, focuses on a low-cost, scalable model offering savings and mortgage products via mobile app, emphasizing arbitrage between savers and borrowers while maintaining high customer satisfaction with 5-star Trustpilot ratings. In November 2022, Atom Bank raised approximately £30-36 million (sources vary slightly on exact amount) from investors including Banco Bilbao Vizcaya Argentaria (BBVA), Infinity Investment Partners, and Toscafund Asset Management. The capital supported balance sheet expansion, with savings deposits reaching £6.6 billion by FY23 (year ended March 2023), more than double the prior year, and loans under management growing to £3.4 billion. Financial performance in FY23 showed strong momentum post-round, with net interest income (revenue) surging 62% to £76 million from £47 million in FY22, driven by a stable net interest margin of 2.84% and robust balance sheet growth exceeding £5 billion by late 2022. Operating costs rose modestly to £59 million (up from £51 million), enabling Atom's first full-year underlying operating profit of £4 million (vs. £2 million loss in FY22), with statutory profit before other charges at £6 million and H2 FY23 return on tangible equity at 11.2%. This validated the bank's efficient model, with income growth far outpacing costs. Building on this, Atom achieved full profitability in FY24 with operating profit rising to £27 million, net interest income at £100 million, and loan book expanding 39% to £4.1 billion, fueled by a prior £100 million raise from existing investors (distinct from the 2022 round). The bank maintained low cost-to-income ratios and high employee engagement at 81%, positioning it to challenge traditional UK banks amid a competitive digital banking landscape. |
| Feb 2022 | Undisclosed stage | BBVA (lead); Toscafund Asset Management (lead); Infinity Investment Partners; Outrun Ventures | $101M | $584M | Atom Bank is the UK's first app-based bank, focusing on retail savings deposits, residential mortgages, and SME lending with a highly automated, low-cost model designed for scale and customer value. The round supported ongoing growth amid a period of improving financials, with loans under management steady at £3.3 billion (FY22) and savings deposits reaching £3.2 billion. For the financial year ended March 2022 (FY22, overlapping the round date), Atom Bank reported net interest income (NII) of £47 million, up from prior years due to balance sheet growth and widening margins from 54 bps to 127 bps, alongside total interest income substantially increased. Operating costs rose modestly while income grew over 200%, leading to an underlying operating loss of £2 million (improved from £36 million in FY21) and statutory profit before other charges of £1 million. Customer numbers grew 42%, retail deposits 50%, and loans under management 20%. By FY23 (year to March 2023), momentum continued with NII surging 62% to £76 million, savings doubling to £6.6 billion, loans at £3.4 billion, and first underlying operating profit of £4 million. The bank achieved sustainable profitability, double-digit return on tangible equity, and maintained high customer satisfaction ratings. |
| Apr 2021 | Undisclosed stage | BBVA (lead); Toscafund Asset Management (lead) | $55M | - | Atom Bank is a UK-based digital bank offering savings accounts, mortgages, business loans, and personal loans via a mobile app, targeting SMEs and retail customers in the North East and beyond. In its fiscal year ending March 2021 (FY21), Atom reported an underlying operating loss of £36m, improved from £46m the prior year, with net interest margin (NIM) reaching 114bps by March 2021 (up from 10bps) and continuing to 130bps by June 2021. Assets under management grew to £2.7bn, business lending expanded from £240m to £662m, customer deposits reached £2.2bn, and the bank aimed for £1bn in SME lending by September 2021. Following year-end, it received £39m in capital from investors in April 2021, reducing total equity to £141.3m after retained losses. The bank achieved its first monthly operating profit in June 2021, supported by cost control, improved credit outlook, and gains from liquid assets. Overall, Atom had raised nearly £500m in equity by mid-2021 to fund operations amid narrowing losses and revenue growth via higher NIM. Post-round traction included FY22 results with underlying operating loss narrowing to £2m, NIM widening to 127bps from 54bps in FY21, loans under management at £3.3bn (up 20%), and customer deposits at £3.2bn (up 50%). By FY23, Atom reported its first full-year underlying operating profit of £4m, with net interest income up 88% to £132m on a £3bn lending book. The bank emphasized sustainable profitability, SME support during Covid, and digital efficiency with high app ratings. |
| Jul 2019 | Undisclosed stage | BBVA (lead); Perscitus LLP; Toscafund Asset Management; Woodford Investment Management | $61M | $632M | Atom Bank is a UK-based digital bank launched in 2016, offering retail banking services through a mobile-first platform. The company has received multiple rounds of funding from strategic investors including Banco Bilbao Vizcaya Argentaria (BBVA), which has been a long-term investor since the bank's inception. In July 2019, Atom Bank raised £50 million in funding led by Banco Bilbao Vizcaya Argentaria to expand its customer base and enhance digital banking services. The company subsequently raised £75 million in February 2022 at a £435 million valuation, followed by a £100 million round in November 2023 at a £362 million post-money valuation. Atom Bank's financial performance improved significantly by 2023, with reported revenue growth of 62 percent year-over-year, a doubling of its customer base to 224,000, and savings deposits reaching £6.6 billion. The company generated approximately £100 million in annualized net interest income and £25 million in operating profit during its 2023 financial year. |
| Mar 2018 | Undisclosed stage | BBVA (lead); Toscafund Asset Management | $209M | $600M | Atom Bank is a UK-based mobile-only digital bank targeting individuals and SMEs with savings accounts, loans, and mortgages managed via app or intermediaries, offering competitive AER rates and tax-free interest. It generates revenue through net interest income from customer deposits lent to others, treasury income from excess deposits at the Bank of England, and fees/commissions from services and broker promotions. As per its 2018 Annual Report, Atom Bank had 310 employees, £1.4 billion in customer deposits, and £1.2 billion loaned to small businesses and homeowners. In March 2018, Atom Bank raised GBP 149 million in a series unknown round led by Banco Bilbao Vizcaya Argentaria (BBVA), with Toscafund Asset Management among investors, aimed at scaling operations and improving technological infrastructure. A separate mention on 7-Mar-18 notes $208 million raised with BBVA leading, alongside Toscafund, Anthemis Group, Marathon Capital Management, and Woodford Investment Management, to support its mobile banking services including fixed saver accounts and SME loans. By 2019, Atom Bank reported revenues of £36.5 million from its loan activities, outperforming peers like Monzo (£15.8 million) and Monese (£5.5 million), marking its first year of profitability on loans. BBVA has been a consistent long-term investor across multiple Atom Bank rounds, including earlier ones in 2015 and later in 2019 and 2022. |
| Mar 2017 | Undisclosed stage | BBVA (lead); Conviction VC; Toscafund Asset Management; Woodford Investment Management | $104M | $328M | Atom Bank is the UK's first app-based digital bank, founded to challenge the traditional banking sector with a lean, technology-driven approach to lending and deposits. The bank operates primarily through its mobile application, offering residential mortgages, business lending, and retail deposit products to UK customers. During the 2016/17 financial year, Atom Bank closed with nearly £100 million in total assets, including £99 million in loans and advances to customers across mortgages and business banking, along with £507 million held as cash and high-quality liquid assets funded by successful deposit campaigns. The bank had raised £113 million in capital during fiscal year 2017, strengthening its Tier I capital ratio to 44%, and post-year-end (by May 2017) continued to scale lending with mortgages and business banking secured lending reaching £98 million and £42 million respectively. In the 2017/18 financial year, total assets grew substantially to £2.0 billion, with loans and advances to customers reaching £1.2 billion, primarily driven by successful residential mortgage campaigns that brought lending to £1.1 billion. During the 2017/18 period, Atom raised £79.3 million of ordinary share capital to support planned lending activity and further develop the bank's capabilities. By 2023/24, Atom Bank achieved profitability for the first time with operating profit of £27 million and net interest income of £100 million, underpinned by a 39% increase in lending and a loan book of £4.1 billion, demonstrating the sustainable scalability of its low-cost digital banking model. |
| Nov 2015 | Undisclosed stage | BBVA (lead); Toscafund Asset Management; Woodford Investment Management | $124M | - | Atom Bank is the UK's first app-based bank that offers mobile-first retail banking services with a focus on lending capabilities. The bank has demonstrated strong lending growth, with mortgage completions exceeding £3 billion since inception and lending to small businesses surpassing £1 billion by 2021. In November 2015, Atom Bank raised £82 million in funding led by Banco Bilbao Vizcaya Argentaria (BBVA). BBVA has been a long-term investor in the company since 2015 and has participated in multiple subsequent funding rounds, becoming the main shareholder with a 39% holding. By February 2022, Atom Bank raised £75 million at a post-money valuation of £435 million, and in November 2023 the company raised over £100 million at a post-money valuation of £362 million. The bank maintains a strong customer reputation with a Trustpilot rating of 4.8/5 and an Net Promoter Score of +82, and achieved operating profit for the first time in recent months during 2021. |
| Dec 2014 | Undisclosed stage | Polar Capital Holdings; Jon Moulton; Anthemis; Growth Capital Ventures; Renaissance Capital Partners; Terence James O'Neill; Outrun Ventures | $39M | - | - |
Who has invested in Atom Bank?
13 investors have backed Atom Bank across its funding rounds, including Toscafund Asset Management, BBVA, Woodford Investment Management, Infinity Investment Partners, Outrun Ventures and Anthemis.
Lead investors include BBVA and Toscafund Asset Management.
Atom Bank Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 8 | Lead | Nov 2015 | ||
| 8 | Lead | Nov 2015 | ||
| 3 | Participant | Feb 2022 | ||
| 3 | Participant | Nov 2015 | ||
| 2 | Participant | Dec 2014 | ||
| 1 | Participant | Mar 2017 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Participant | Dec 2014 | ||
| 1 | Participant | Dec 2014 | ||
| 1 | Participant | Dec 2014 | ||
| 1 | Participant | Dec 2014 | ||
This data is available for Pro users. Sign up to see all 13 Atom Bank investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Atom Bank
Atom Bank has acquired 1 company to date.
Last acquisition by Atom Bank was on March 8th 2016. Atom Bank acquired Grasp Digital for undisclosed valuation.
Latest Acquisitions by Atom Bank
| Description | Grasp Digital is a Singapore-headquartered agency delivering web design, mobile app development, e-commerce solutions, and SEO strategies. It serves clients across retail, finance, and hospitality sectors with custom digital platforms that integrate user-centric interfaces and performance analytics. The firm also provides social media management and PPC advertising to drive online visibility. Operating since 2014, Grasp Digital maintains a portfolio exceeding 200 projects for brands like DBS Bank and local startups. Its team combines expertise in React Native for cross-platform apps and Google Analytics for campaign optimization. |
| HQ Country | |
| HQ City | Basingstoke |
| Deal Date | 8 Mar 2016 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Atom Bank acquisitions and their M&A valuation multiples. Start Free Trial | |
Atom Bank Competitors
Atom Bank competitors include listed companies like Green Dot and goeasy, and private ones like Neo Financial, slice, Mos and Oriente.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $510M | - | ||
| Private | $100M | - | $450M | - | ||
| Private | - | - | $400M | - | ||
| Private | - | - | $400M | - | ||
| Publicly listed | $2.1B | ($12M) | $751M | 0.3x | ||
| Publicly listed | $1.2B | ($76M) | $488M | 3.1x |
Atom Bank Public Comps
Atom Bank is still privately-owned, but its public comps include goeasy, Morrow Bank, Commercial Facilities Kuwait, Valu, United Wholesale Mortgage, Pepper Money, loanDepot, Jana Small Finance Bank, Oportun and Rhino Bitcoin.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | ($76M) | 2.9x | 3.1x | (47.1x) | - | |||
| $137M | - | 3.7x | 2.9x | - | - | |||
| $56M | - | 14.8x | - | - | - | |||
| $108M | $22M | 4.1x | 7.0x | 20.2x | - | |||
| $1.6B | - | 3.8x | 2.4x | - | - | |||
| $360M | - | 33.4x | 39.9x | - | - | |||
| $897M | - | 5.7x | 4.0x | - | - | |||
| $350M | - | 2.3x | 1.9x | - | - | |||
This data is available for Pro users. Sign up to see all Atom Bank competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Atom Bank
| When was Atom Bank founded? | Atom Bank was founded in 2014. |
| Where is Atom Bank headquartered? | Atom Bank is headquartered in United Kingdom. |
| Is Atom Bank publicly listed? | No, Atom Bank is a private, VC-backed company. |
| What is Atom Bank's valuation? | Atom Bank was last valued at $481M in its undisclosed-stage round in November 2023. |
| How much funding has Atom Bank raised? | Atom Bank has raised $855M across 9 funding rounds. |
| What was Atom Bank's last funding round? | Atom Bank's last funding round was a $126M undisclosed-stage round in November 2023. |
| Who are Atom Bank's investors? | Atom Bank's investors include Toscafund Asset Management, BBVA, Infinity Investment Partners, Woodford Investment Management, Outrun Ventures, Conviction VC, Perscitus LLP, Polar Capital Holdings, Jon Moulton, Anthemis and 3 others. |
| What is Atom Bank's revenue? | Atom Bank's latest recorded revenue is $101M (November 2023). |
| What is Atom Bank's revenue multiple? | Atom Bank's latest valuation implies a 4.8x revenue multiple ($481M valuation on $101M of revenue). |
| Which companies are comparable to Atom Bank? | Companies comparable to Atom Bank include Neo Financial, slice, Mos, Oriente, Green Dot and goeasy. |
| How many companies has Atom Bank acquired? | Atom Bank has acquired 1 company, including Grasp Digital. |
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