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Woodford Patient Capital reportedly puts £10m into Atom Bank

Woodford Patient Capital reportedly puts £10m into Atom Bank

Atom Bank has announced this morning that it has raised £50m from a group of investors including Woodford Patient Capital. One website is saying that WPCT’s share was £10m. From Atom’s news page:

Atom bank, the UK’s first bank built exclusively for mobile and the UK’s most trusted bank on Trustpilot, has raised £50m in a 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.”

[This news coincides with the report of a sale of shares in Crystal Amber by Woodford managed funds. However, we don’t believe that WPCT had a stake in Crystal Amber and so, if it has put in an additional £10m into Atom Bank, this must have come from the debt facility – on 28 June 2019, WPCT said it had drawn down £126m of its £150m facility – it could be getting close to the limits of its ability to fund its investee companies.]

WPCT : Woodford Patient Capital reportedly puts £10m into Atom Bank

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