Atom, the UK-based mobile only bank backed by financial services firm BBVA, is set to announce a £100m ($125m), chairman Anthony Thomson has confirmed to Business Insider.
Founded in 2014, Atom launched its digital bank in April 2016 and fully rolled it out to UK-based users in October. It has so far received more than £110m in deposits across its two Fixed Saver accounts, and also offers business lending and mortgages.
The company raised £82m ($124m at the time) in late 2015, with BBVA investing £45m to get a 29.5% stake. The round took Atom’s overall funding to £135m and included Woodford Investment Management, Toscafund Asset Management, Marathon and Polar Capital.
Thomson said in August 2016 Atom planned to raise another £100m in the first quarter of 2017, and he told Business Insider the company would announce a round “of that order” in the upcoming weeks, adding that it had “been well supported by our existing shareholders”.
Atom will then look to raise another £100m in 2018 before seeking to go public. It plans to begin offering current accounts later this year, and Thomson predicted the bank will need three years to break even.