UK-based fintech startup Atom Bank, an app-based bank, has raised £83 million. The investment came from the Spanish bank BBVA, Toscafund, and Neil Woodford. BBVA now holds a 29.5 percent stake in the company. The Financial Times reports that the startup has raised a total of £219 million to date.
Atom Bank launched in April 2016, and has recently released its first mobile mortgage product. The company intends to use the new funding to expand and develop new products.
“We are very satisfied with the confidence that our main shareholders are placing in us by participating in this capital increase. We will keep growing, rolling out new products and developments of our app and offering a whole new way of banking on our mission to change banking permanently for the better,” Atom Bank founder and Chairman Anthony Thomson said in a statement. “The activity in the U.K. market will continue to gather heat in 2017, and we are confident we have a firm foundation to keep making headway.”
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