Member Article

Atom Bank strengthens commercial lending activity with Rivers Capital

Durham-based challenger bank Atom has appointed fund managers Rivers Capital Partners as one of its first commercial loan intermediaries.

The partnership will see the North East-based venture capital business introduce clients to the commercial loan offerings of the new bank, after Atom completed its first commercial loan deal last week when Rivergreen Management Pension Fund acquired a property in Hartlepool.

Atom launched as the UK’s first digital-only bank back in April and has targeted secured lending to SMEs, through intermediaries such as RIvers Capital, as one of its early priorities.

Graham Moore, Head of Business Development at the challenger bank said: “We are delighted to work with Rivers Capital. We want to help SMEs understand how a bank makes the decisions it does, we believe that working with their intermediaries can help a SME to improve their business.

“Our mission is to work with Rivers Capital and other key partners, to help us change the face of SME banking for the better.”

Rivers Capital are one of the region’s most well-known fund manager with strong connections to the startup and SME community.

The investment firm has lent to hundreds of North East businesses through the North East Microloan Fund and has also facilitated almost £18m in equity deals through the North East Angel Fund.

Jonathan Gold, Managing Director at Rivers Capital said that there were a number of corollaries in Atom and his firm’s outlook and that they were looking forward to representing the Durham bank.

He added: “As managers of equity and loan funds ourselves we share Atom Bank’s view that access to finance should be a simple, straightforward process for good businesses to secure the cash they need. It’s great to be able to bring our two approaches together and represent Atom in this way.

“Atom is a bank for the modern world and Rivers always aim to adapt our investment process and introductions to lenders to provide a customer-centric operation.”