UK-based mobile financial services platform Atom Bank picked up £50m ($62m) in funding on Monday from investors including financial services firm BBVA.
Woodford Investment Management and Toscafund Asset Management also participated in the round, together with certain funds advised by Perscitus. It increased Atom’s valuation to roughly $660m, according to TechCrunch.
Atom operates a digital bank that customers can access through a mobile app. It offers current and savings accounts, where it has a combined $2.3bn under management, as well as residential mortgages and business loans, through which it has issued a total of $3.2bn.
The company partnered fintech developer Thought Machine in November 2018 to migrate its service onto the latter’s cloud-based platform, Vault, which relies on blockchain technology to enable secure real-time transactions.
The cash will aid Atom’s continued business growth and support increased investment in technology. Atom will also hire an additional 50 staff to support its operations in the North East of England and will launch a tax-exempt savings account known as ISA this autumn.
The company has raised approximately £450m ($590m at current exchange rates) in total funding to date, though it has not released all its historical funding details.
BBVA led a $207m round for Atom in March 2018 with contributions from Toscafund and unnamed existing backers, having also led a $102m round the year before that included Woodford Investment Management and Toscafund.
Atom had secured $124m round in a 2015 round that was led by BBVA, and which featured Polar Capital, Toscafund and Woodford.
