17 August 2017
Find out more

Atom Bank raises £83m, says more to come

03 March 2017  |  10556 views  |  1 Atom Bank

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.

BBVA's contribution is £29.4 million, which keeps its stake at 29.5%, the amount acquired for £45 million in late 2015.

Woodford Investment Management, Toscafund Asset Management and others contributed to the funding, which brings the total capital raised by Atom to £219 million. More funding is expected in the "near future".

Led by experienced bankers in CEO Mark Mullen and chairman Anthony Thomson, the challenger received its banking license in June 2015 and launched operations in April 2016, offering two fixed-saver accounts and secured business lending for SMEs.

Since then, it has been building up its product range, recently launching a mortgage offering, with current accounts, debit cards, overdrafts and instant access savings, all in the pipeline.

All products are serviced through the firm's app, with modern technology such as face and voice biometrics, and machine learning technology at the heart of a system promising to shake up the traditional, branch-based retail banking world.

Says Thomson: “We are very pleased with the response we have had from investors. Our customers benefit from the backing of highly reputable investors who are supportive of what we are doing. This is a great vote of confidence in our growth prospects and plans for the future.

"With the work we have done so far we are just beginning to see how transformational our new approach to banking can be. There is so much more to come from Atom in the coming months and years."

Javier Rodríguez Soler, global head, strategy and M&A, BBVA, adds: "Atom has a lot of promise, with tremendous opportunities for growth. It allows BBVA to further its transformation and maintain its commitment to the British market."
KeywordsFINDEX

Comments: (1)

A Finextra member
A Finextra member | 24 April, 2017, 16:26

So what. If they need an American to advise on their product offering suitabily maybe they shouldnt have bothered in the first place.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Atom Bank launches mobile mortgages

Atom Bank launches mobile mortgages

06 December 2016  |  8435 views  |  0 comments | 23 tweets | 23 linkedin
Atom Bank hires Royal Philharmonic to take the stress out of banking

Atom Bank hires Royal Philharmonic to take the stress out of banking

16 November 2016  |  5574 views  |  3 comments | 6 tweets | 8 linkedin
Atom Bank opens doors to all UK customers

Atom Bank opens doors to all UK customers

06 October 2016  |  12117 views  |  0 comments | 31 tweets | 36 linkedin
Atom chief lays out product roadmap

Atom chief lays out product roadmap

22 April 2016  |  11123 views  |  5 comments | 24 tweets | 12 linkedin
Atom opens with a promise to change UK banking landscape

Atom opens with a promise to change UK banking landscape

06 April 2016  |  19245 views  |  5 comments | 49 tweets | 56 linkedin
Atom Bank to launch with face and voice biometrics

Atom Bank to launch with face and voice biometrics

16 December 2015  |  14277 views  |  0 comments | 35 tweets | 33 linkedin
BBVA buys 29.5% stake in Atom for £45 million

BBVA buys 29.5% stake in Atom for £45 million

24 November 2015  |  13653 views  |  1 comments | 34 tweets | 42 linkedin
Atom chief launches ferocious assault on 'dinosaur' banks

Atom chief launches ferocious assault on 'dinosaur' banks

13 November 2015  |  12787 views  |  10 comments | 30 tweets | 31 linkedin
Atom taps Durham University maths department to develop new banking model

Atom taps Durham University maths department to develop new banking model

02 September 2015  |  9843 views  |  0 comments | 13 tweets | 7 linkedin
Atom Bank contracts with Iress for digital mortgage platform

Atom Bank contracts with Iress for digital mortgage platform

11 August 2015  |  8426 views  |  1 comments | 9 tweets | 4 linkedin
'Digital-only' Atom to cut deal with high street lender for branch access

'Digital-only' Atom to cut deal with high street lender for branch access

22 June 2015  |  6695 views  |  0 comments | 14 tweets | 18 linkedin
Atom Bank secures £25 million funding round

Atom Bank secures £25 million funding round

04 December 2014  |  8948 views  |  0 comments | 8 tweets | 6 linkedin
Digital-only Atom Bank seeking to raise £20 million

Digital-only Atom Bank seeking to raise £20 million

30 October 2014  |  8633 views  |  0 comments | 14 tweets | 11 linkedin
Fiserv partners Anthony Thomson on tech platform for new UK banks

Fiserv partners Anthony Thomson on tech platform for new UK banks

02 July 2014  |  10399 views  |  0 comments | 15 tweets | 10 linkedin
Digital challenger Atom Bank scores investment

Digital challenger Atom Bank scores investment

01 July 2014  |  10442 views  |  0 comments | 9 tweets | 8 linkedin
Digital challenger Atom Bank hires chief innovation officer

Digital challenger Atom Bank hires chief innovation officer

15 April 2014  |  15978 views  |  0 comments | 4 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.niceactimize.comdownload the paper now

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10391 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9787 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9692 views comments | 8 tweets | 15 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8085 views comments | 1 tweets | 2 linkedin

Featured job

Find your next job