With the investment, which is subject to the corresponding regulatory approvals, BBVA will acquire a 29.5% stake in the company. As a strategic shareholder and partner, BBVA will have two seats on Atom’s board and the opportunity to participate in future funding rounds.
Led by Mark Mullen, CEO, and and Anthony Thomson, Chairman, Atom is to build a customer-driven bank optimized for mobile clients. Customers will be able to open accounts using its mobile app, access to their financial information and take advantage of a range of tools. They will launch in early 2016 following the reception of a licence by the PRA in the UK in June 2015.
The company, which has raised over £135m with major shareholders including Woodford Investment Management and Toscafund Asset Management, intends to use the funds to build-up the business. It is hiring for different roles in Durham.
Mullen has welcomed BBVA in a post on the company’s blog.