The funding led by BBVA and Toscafund with co-investors Infinity Investment Partners follows a £40m raise in April 2021 and brings the total raised by the app-based bank in the last 12 months to £115m.

The digital bank says its focus on lending has really come to fruition in the last 9 months, with both mortgage and business loans having grown by 30%.

In 2021, Atom passed £3bn of mortgage completions and in the year to date, it’s interest margin has risen to 1.28% compared to 0.51% in the previous fiscal year and it is now eyeing an IPO.

Atom chief executive Mark Mullen says: “It has been a year of excellent progress for Atom. We’ve achieved a number of important financial milestones, maintained our excellent reputation with our customers and with the introduction of our shorter four-day working week (with no loss of pay), we’re pioneering the future of work.

“Our investors are now backing our continued growth.  This capital will allow Atom to build on the progress we have made, and to keep offering real competition for people who want to own their own home, grow their own businesses and – at a time of rapidly rising costs – save for the future.  It is also a fundamental next step on our journey toward IPO.”