"We are delighted to receive this award and we will provide SMEs with a truly digital offering "
Atom Bank has been awarded a £10m grant to boost competition in SME lending.
The grant is from the Capability and Innovation Fund, which forms part of a £775 million package administered by Banking Competition Remedies.
Atom, which has lent over £200m to UK SMEs, says it will use the funding to "address overlooked customer needs, deliver change and innovation and drive economic growth by supporting the bedrock of the UK economy – small businesses".
It plans to make an additional £3bn of funding available and aims to attract a further 340,000 small businesses by March 2024.
Atom is launching a suite of 'Smart Lending' products designed specifically for SMEs, combined with advanced cashflow management, savings and financial health forecasting.
The Bank will provide the service as a free-to-download and use application, available to all SMEs.
The BCR award will also support the creation of 55 new jobs, including engineering and data science roles, and a further 15 graduate and apprentice roles.
Chief Executive and co-founder of Atom bank, Mark Mullen said: “As a fast growing new entrant we know just how hard it is to get a business off the ground and we recognise that the needs of smaller businesses are different from those of larger firms.
“We are delighted to receive this award and we will provide SMEs with a truly digital offering that allows them to get on with the day-to-day running of their businesses, giving value back to customers and bringing some much needed competition to the business banking market.”