UK digital-only Atom Bank has raised £149 million in a funding round which sees BBVA invest a further £85.4m in the startup, raising its stake to 39%.
Anthony Thomson, the founder of UK challenger bank Atom is to step down from the chairmanship of the Durham-based lender as it reputedly finalises a £150 million fundraising round.
Atom, the UK's first bank built exclusively for mobile, has partnered with user-generated content platform Reevoo to drive greater transparency, improve customer engagement and help prospective customers make informed purchase decisions.
British app-only bank Atom is making a move into the German market through partnership with local startup Deposit Solutions.
UK digital-only bank Atom is set to ramp up its small business lending after securing a £30 million Tier 2 capital facility from the state-backed British Business Bank.
Digital only Atom Bank has put plans to open a current account on ice as it faces up to a slew of new regulations set to land over the course of the next year.
Voice recognition software launched last year by HSBC in order to speed up access for phone banking customers has been successfully bypassed by a BBC reporter and his non-identical twin brother.
American musician will.i.am has become a strategic board advisor at Atom, calling the new UK app-based bank's bid to change the industry through technology "awesome".
App-based bank Atom is raising another £83 million from existing investors, including Spain's BBVA, as it builds up a war chest to take on Britain's high street giants.
For the first time since launch in 1989, First Direct has been displaced as the most recommended UK bank by digital-only entrant, Atom Bank.
© Finextra Research 2018