UK digital bank Atom has raised £100 million in new equity at a discounted valuation.
BBVA, Toscafund and Infinity Investment Partners have provided the funding, which comes after Atom in July reported its first ever annual operating profit of £4 million.
The new capital values the bank at £362 million, down from £435 million last year.
Chief executive Mark Mullen shrugged off the downgrade in its valuation, pointing to new quarterly figures which suggest the bank will rech £25 million in operating profit for Q1.
"I'm delighted with this vote of confidence in Atom from our investors, and to have their ongoing backing is a fantastic boost," he says. "Atom continues to grow strongly and sustainably. We are a cautious bank with an excellent track record of lending responsibly and successfully. We have a compact business model and we keep tight control over our costs.