New York-based Atom Finance, a consumer software platform that provides access to investment resources announced on Wednesday a $28 million Series B funding round led by the SoftBank Latin America Fund.
The funding, which also had the participation from existing investors General Catalyst and Base Partners, comes on the heels of the firm’s recently announced partnership with the Brazilian neobank Inter.
“We created Atom to provide unparalleled access to institutional investing resources and tools, filling the white space between overpriced, clunky institutional platforms and antiquated websites tailored to retail investors. Our partnership with SoftBank and new capital will allow us to reach more investors, continue to enhance the experience we provide to users and accelerate our B2B product integration efforts with financial institutions,” said Eric Shoykhet, founder and CEO of Atom Finance, in a press release.
The company said it will channel the new funding to fuel premium subscriber growth, proliferate partnerships and integrations with financial institutions, open an office in Miami, as well as to invest in hirings across all parts of the company, including product, engineering, growth and business development.
Launched in 2019, Atom was built by investment professionals for individuals to modernize their investment experience. Retail investor interest is accelerating at a record pace both in the U.S. and globally, driving increased consumer expectations for financial market intelligence: premium tier subscribers at the platform have increased more than 250% since the beggining of 2021.
At the same time, Atom says it is experiencing heightened interest for its white-labeled product integration both from financial institutions looking to up-level their existing investment products, as well as new entrants seeking to launch differentiated self-directed investing experiences.
The company has raised so far nearly $50 million from venture capital firms and angel investors. “Atom is disrupting the investment research market through the implementation of best-in-class technology, software and sector expertise,” said Shu Nyatta, managing partner at SoftBank’s SBLA Advisers Corp. and head of SoftBank’s Miami Office.
“SoftBank is excited to partner with Atom as they pioneer a modernized investment experience for both investors on its platform and through B2B product integrations with financial institutions worldwide.”
The company plans to open an office in Miami in response to its growing footprint both in the U.S. and abroad. Shoykhet will anchor the founding contingent of Atom employees based in Miami.
“It’s very exciting to see a high-growth fintech company like Atom choose the City of Miami to accelerate the evolution of the company. They understand the value and scale that come with cultural and economic diversity, and there isn’t a city in this country better positioned for that than Miami,” said Miami Mayor Francis Suarez.