Funding comes following BBVA’s decision not to acquire the loss-making lender in April.
Digital player Atom Bank has raised £50m from its existing investors including BBVA, Toscafund and Woodford Patient Capital Trust.
The funding comes after its largest shareholder BBVA, with 39% of the equity in the business, decided not to exercise its option in April to acquire the company outright.
Atom Bank offers mortgages, fixed savings accounts and business loans, all of which can be managed and monitored via its smartphone app.
In recent weeks reports have suggested that Atom slowed or stopped some of its lending in response to intense competition in the mortgage market.
None of that helped the business escape a loss of £53m for its 2017-18 financial year, on deposits of £1.8bn and loans of £2.4bn.
In a statement today Mullen addressed the new funding, saying: "We’re growing our team here in the North East and will add 50 new roles this year to help us expand the range of products and services we offer, starting with Instant Access savings in the autumn.”
“More than ever we are convinced of the importance of Atom’s role to drive positive change in UK banking.”