UK-based mobile financial services provider Atom Bank has raised £82m ($124m) in a round led by financial services firm BBVA, TechCrunch reported yesterday.
The round also included existing investors Woodford Investment Management and Toscafund Asset Management, as well as Marathon and Polar Capital, and increased Atom’s overall funding to £135m.
Atom is developing a mobile banking service that will aim to capture a youthful customer base when it launches in early 2016. It secured a banking license in June this year, and will provide an app-based service that will include financial management tools.
Spain-based BBVA paid £45m for a 29.5% stake in the company, according to a press release issued by Atom, and will act as a strategic partner, taking two board seats and providing Atom with access to its digital network.
Mark Mullen, chief executive of Atom, said: “Atom is delighted to partner with BBVA. We have long admired their vision and leadership, and like us, BBVA clearly believe in the power of technology to transform customers’ lives for the better.
“We share BBVA’s commitment to place the interests of customers at the heart of everything they do.”
Bank of America Merrill Lynch served as financial advisor to BBVA for the deal, while Clifford Chance acted as legal advisor.