Edward Twiddy/Atom Bank.
Exclusive: Atom Bank hits £1bn of SME lending ahead of target
Chief customer officer and co-founder Edward Twiddy confirmed the milestone will be hit “today or tomorrow”.
Lender Atom Bank has reached its milestone of lending £1bn to SME customers earlier than expected.
Speaking exclusively on AltFi’s Digital Banking: What is the State of the Market? webinar yesterday, Twiddy confirmed the milestone had been as good as reached.
“Either today or tomorrow, we’ll hit £1bn of SME lending since we launched,” he said.
Alongside its already £3bn of mortgage lending, the news means Atom Bank has a substantial loan book which helped it reach monthly profitability this June, an achievement that Twiddy confirmed had continued in subsequent months.
Twiddy said Atom’s lending milestones and profitability justify that decision as current accounts would have been a costly venture.
“That’s a cost that actually drags down our focus on mortgage customers and giving SME customers a better price, and importantly giving savers a better price,” he said.
In April, Atom Bank raised £40m from Toscafund and BBVA to see the business through to profitability and towards a potential IPO that is on the cards for 2022.