Atom bank, a Durham, UK-based customer- driven mobile bank, raised £149m in funding round.
The round was led by BBVA and Toscafund. As part of this fundraising round, BBVA will invest a further £85.4m in the bank, increasing its ownership to around 39% subject to regulatory and shareholder approval. Toscafund will invest £54.4m and is also increasing its stake in the bank. A number of Atom’s
other existing shareholders are also supporting this raise.
The company will use the funds for continued growth as a lender and for investment in technology and business capabilities.
Created in 2015 and led by CEO Mark Mullen, Atom secured its banking license in June 2015 and launched operations in April 2016, offering market-leading Fixed Saver accounts and secured business lending for small and medium-sized enterprises. The bank launched its first mobile mortgage product a year ago and has recently announced it has taken £1.3bn of deposits and has now lent £1.2bn to small businesses and homeowners.
The team of 300 employees is supported by a nonexec board, which includes newly appointed Chair, Bridget Rosewell.
The company has raised almost £400m of equity capital through the support of private and institutional investors, including BBVA, Woodford Investment Management and Toscafund Asset Management. Atom is authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.
FinSMEs
07/03/2018