UK digital bank Atom has raised £149 million led by Spanish financial institution BBVA along with asset manager Tosca Fund.
As part of the round, BBVA has invested £85.4 million into the company, bringing its stake to 39%. The Durham-based digital banking startup has now raised £400 million in total.
Atom will use the fresh influx of cash to continue building its core features as well as new products and growing its user base. To date, the company has took in more than £1.3 billion in deposits and lent more than £1.2 billion. It has low operating costs, it added, meaning it can deploy digital-first banking services relatively fast.
“This further significant injection of capital secures the bank’s place as a disruptive force in the mainstream of UK banking,” said CEO Mark Mullen. “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.”
“We are fully aligned with the vision of banking that Atom is pursuing, and the disruption it is already bringing to the UK financial services sector,” added Carlos Torres Villa, CEO of BBVA.