Atom bank hits £1bn in SME lending

Atom bank, the Durham-based fintech, is celebrating hitting £1bn in lending to SMEs.

The milestone, which was reached on 15 October, includes all completions originated through Atom’s own secured lending and also the bank’s ongoing partnership with Funding Circle to provide unsecured loans to UK SMEs.

This latest milestone comes after the UK’s first app-based bank reached several other significant customer and commercial highpoints.

Edward Twiddy, Chief Customer Officer at Atom bank, said: “It’s been a really successful year for Atom, delivering our first month of operating profit in June, surpassing the £3bn mark in mortgage lending in July and reaching £1bn of deposits into Atom’s Instant Saver product too.

“We were delighted to have made the 1,000th secured loan to an SME customer earlier this summer and now, passing the £1bn mark in SME lending is another significant milestone that we can check off. Combined with our long-established delivery of excellent customer satisfaction indicators we are showing that good banking and profit are one and the same; a core truth that we will take forward as we continue to grow and prepare for IPO.”

An established business lender since 2016, Atom has most recently been an important part of both the Coronavirus Business Interruption Loan Scheme and now the Recovery Loan Scheme for businesses, offering new-to-bank and existing customers access to lending both before, throughout and now as we emerge from the pandemic.

Continuing to be one of the highest ranked UK banks, Atom provides fast, transparent and good value customer experiences, with a Trustpilot rating of 4.6 and a Net Promoter Score for business lending of +88.