UK-based mobile-only Atom Bank has raised a further £149m in funding to chart its business growth.
The latest investment round was led by Spanish bank BBVA, whereby the bank committed to invest £85.4m. This move will take the Spanish bank’s ownership stake to almost 39%, subject to regulatory and shareholder approvals. In 2015, BBVA acquired 29.4% stake in Atom for £45m.
BBVA was joined by Toscafund, which will invest £54.4m in the bank.
Atom will use the fund to launch new products and services, leveraging on the opportunities provided by Open Banking and PSD2.
Atom bank 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.”
Atom has secured £1.3bn in deposits for its savings account and provided over £1.2bn as residential mortgages and business loans.
Since its inception in April 2014, Atom has raised approximately £400m of capital through private and institutional investors, including BBVA, Woodford Investment Management and Toscafund Asset Management.