Latest Mark Mullen News
Nov 1, 2023
Atom Bank raises £100m in equity funding from existing investors One of the biggest raises of the year, but reportedly at a lower £362m valuation Mark Mullen / Atom Bank In a sign that Atom Bank’s IPO may be even further away than initially anticipated , the Durham-based digital bank today raised £100m in equity funding from its existing investors. While CEO Mark Mullen said last November that a “liquidity event” was on the cards for 2024 or 2025 . With the raise today the bank was more cautious simply saying that such an event remained part of its “long-term strategy” and would happen “in the future.” While the company didn’t announce a new valuation, The Financial Times reported the bank had raised funding at £362m, down from the £435m price tag it held at the start of last year. “Atom continues to grow strongly and sustainably,” Mark Mullen, CEO of Atom Bank, said. “We are a cautious bank with an excellent track record of lending responsibly and successfully. We have a compact business model and we keep tight control over our costs. We look after our customers by offering them consistently great value and treating them fairly.” The fresh funding today comes from the bank’s long-term backers BBVA, Toscafund and Infinity Investment Partners. Atom said the money will be used to accelerate the bank’s lending and balance sheet growth, with the bank continuing to operate profitably. “This money will be put to work to drive growth and to fuel the development of our franchise. UK customers need better outcomes and better banks. Our vision remains as valid today as it was when we founded the company – change banking for good, for the better, for everyone,” Mullen said. In July Atom Bank announced its first annual profit of £4m for the year to March 2023, today the bank announced that it has already eclipsed that figure for 2023 with a quarterly operating profit run-rate of over £25m. Companies In This Article
Mark Mullen Investments
Mark Mullen has made 3 investments. Their latest investment was in Dot.LA as part of their Seed VC on January 1, 2020.
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