Durham-based Atom bank has raised £149m in a round led by cornerstone investors BBVA and Toscafund.
As part of this fundraising round BBVA will invest a further £85.4m in the 5-star rated (Trustpilot) 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 injection of capital will secure Atom’s continued rapid growth as a lender and fund further investment in technology and business capabilities. To date Atom has taken £1.3bn of deposits and loaned over £1.2bn to SME businesses and homeowners in the UK.
Bridget Rosewell, Atom bank’s Chair said: “Atom is a rapidly growing, ambitious and vibrant business that is founded on the unique fit of our shareholders, our team and our partners. I am delighted that our investors have decided to back the bank with such a significant injection of capital to fuel our mission to change banking permanently for the better”.
Atom bank’s CEO, Mark Mullen said: “We are very proud of what we have achieved in the Atom journey to date and we are excited about our plans for the future. This further significant injection of capital secures the bank’s place as a disruptive force in the mainstream of UK banking. We will continue to invest in growth, in our technology and in our products as we continue to push ahead with the support of our investors.”
Since its creation in April 2014, Atom has: