Durham-based Atom bank has received a £10m grant to boost its competition in SME lending.
Atom, having been founded in 2014, is the UK’s first bank built exclusively for mobile. The grant it is receiving is one of four from Pool C, of the £425m capability and innovation fund (CIF).
This forms part of a £775m package administered by Banking Competition Remedies Ltd.
Atom’s chief customer officer, Edward Twiddy, said: “As a fast growing new entrant from the North East, we know just how hard it is to get a business off the ground and are committed to supporting smaller businesses with a streamlined, digital offering that will allow them to thrive.”
On top of the 348 roles Atom has created in the region, the BCR award will directly support the creation of 55 jobs, including engineering and data science roles, as well as a further 15 graduate and apprentice roles.
Atom, which has lent in excess of £200m to UK SMEs, will use the funding to address overlooked customer needs, and aim to drive economic growth by supporting UK startups and SMEs.
Atom is also aiming to make an additional £3bn worth of funding available, and aims to attract in excess of 340,000 small businesses to its innovative solution by March 2024.
The bank’s total lending, for homeowners and small businesses, has grown by 76 per cent in the past year to £2.4bn, supported by growth in deposits from £1.4bn to £1.8bn.
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