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UK’s Atom Bank raises £83m to develop new products

UK-based Atom Bank, which provides banking services through a smartphone app, has raised £83m in a new round of funding that saw participation from its existing investors.

The funding takes the total capital raised by Atom to £219M.

Atom raised the funds from its current investors including BBVA, Woodford Investment Management, Toscafund Asset Management and others.

Atom Bank founder and chairman Anthony Thomson said: “We are very pleased with the response we have had from investors.

“Our customers benefit from the backing of highly reputable investors who are supportive of what we are doing. This is a great vote of confidence in our growth prospects and plans for the future.”

The bank launched its operations in the UK in April last year after regulatory restrictions were lifted.

In June 2015, The Bank of England granted a license to Atom Bank to operate as a digital-only lender, making it the first bank in the country to operate without any bank branches or legacy costs.

Recently, it rolled out its first mobile mortgage product to enable borrowers to manage various things via an App.

The bank said that it plans to launch new products and upgrades to the App throughout 2017.

Thomson said: “With the work we have done so far we are just beginning to see how transformational our new approach to banking can be. There is so much more to come from Atom in the coming months and years.”

While Macquarie Capital (Europe) acted as financial advisor to Atom Bank in the fund raising transaction, Bond Dickinson was its legal advisor.


Image: The funding takes the total capital raised by Atom to £219M.. Photo: courtesy of blackzheep/FreeDigitalPhotos.net.