Portfolio News

Atom Bank completes £367m mortgage-backed securitisation

GCV portfolio company Atom Bank has announced the completion of its fourth residential mortgage backed securitisation (RMBS) - ‘Elvet Mortgages 2021-1’ - spelling further positive signs for the team’s accelerated growth plan. Little over a year on from the bank’s third RMBS, completed in July 2020, the move marks a significant step in Atom’s mission to fuel additional, sustainable long term growth, in part through the expansion of its growing suite of financial products.   The £367m transaction, which was part offered/part retained, was issued earlier last month on the 15th October and was 1.6x oversubscribed - signalling Atom’s highest ever issuance - with Class A notes (fully offered) priced at SONIA +37 bps.
David McCarthy, Chief Finance Officer at Atom Bank, commented: “We’re delighted to have completed our fourth residential mortgage-backed securitisation. Securitisation will continue to be one of the ways we deliver efficient funding for our business, contributing to our overall model of keeping costs low and passing value back to our customers. "Alongside our ongoing trading successes in mortgages and business lending, this transaction is fuelling a sustained period of growth and profitability for Atom.”
Following a 2021 in which the digital-first bank has already announced major milestones including recording its first monthly operating profit and hitting £3bn in mortgage lending, the update comes as welcome news for us and our private investor network at GCV who wish the bank all the very best throughout their continued growth.
Driving Growth.
Creating Value.
Delivering Impact.

Backed by

Growth Capital Ventures (GCV) is backed by funds managed by Maven Capital Partners, one of the UK’s leading private equity and alternative asset managers.