Atom, the UK’s first app-based bank, has raised more than £75m in new equity. Together with Toscafund and Infinity Investment Partners, BBVA has led this round, which is still open to other shareholders of the company.
BBVA has once again shown its support for the Atom project and team, of which it has been a shareholder since 2015 and which it has supported in all its share capital increases. BBVA is currently the main shareholder, with a 39% holding.
BBVA’s new investment in Atom comes in addition to the recently announced investment in the Brazilian digital bank Neon, BBVA’s entry into Italy through a fully digital retail bank and its minority stake in Solarisbank. All these bets respond to a growth strategy that involves entering new markets and business segments through fintech or digital platforms.
With this financial reinforcement, Atom intends to boost its growth plans and progress toward its future IPO, as it announced last year. The mobile bank has raised capital totaling £115 million in the last year, factoring in the previous £40 million round, closed in April 2021.
Mark Mullen, CEO of Atom, says:
“It has been a year of excellent progress for Atom. We’ve achieved a number of important financial milestones and maintained our excellent reputation with our customers.” He continues: “Our investors are now backing our continued growth. This capital will allow Atom to build on the progress we have made, and to keep offering financial solutions for people who want to own their own home, grow their own businesses and save for the future. It is also a fundamental next step on our journey toward IPO.”