Atom Bank records £36m operating loss as it continues mission to profitability

UK challenger bank Atom Bank reportedly experienced an operating loss of £36m in the financial year ending March 2021, down from £46m in the previous year.

The FinTech company is continuing to grow, with it marking its first monthly operating profit in July 2021, according to a report from AltFi. Atom Bank claims it is on track to reach monthly break-even in 2022.

It is also expecting its profits to continue to rise, which will help it meet its goal of an IPO.

Atom Bank recently surpassed a pair of other milestones. The first was extending its mortgage portfolio to be worth more than £3.97bn. It claims to have issued over 21,000 mortgages and helped 16,400 households complete on new mortgages.

Its other recent accomplishment was reaching £1bn in Instant Saver balances. Its Instant Saver service enables consumers to open a savings account with £0, have unlimited withdrawals and access their money through the mobile app 24/7.

Atom Bank suffered a devaluation in April 2021, after it closed a £40m fundraise where shares were priced just under half the price in 2019.

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