Atom Bank announced raising £40m from existing shareholders.

Atom Bank, a Durham, UK-based neo-bank, announced completing a funding round of £40 million ($56.6M).

The money was raised from the existing shareholders of the company led by BBVA and Toscafund Asset Management.

Atom Bank, founded in April 2014 by Anthony Thomson and Mark Mullen (CEO), was granted a banking licence in 2015 and launched to the public in 2016, providing mortgages and savings accounts, along with secured loans for small businesses. The company says that it expects the lending provided to SMEs to reach over £700 million in 2021, and that it has loaned £2.8 billion to UK mortgage customers since its launch.