BBVA raises Atom Bank stake to 39% as part of £149 million funding round
UK digital-only Atom Bank has raised £149 million in a funding round which sees BBVA invest a further £85.4m in the startup, raising its stake to 39%.
BBVA CEO Carlos Torres Vila, said: “Atom is progressing extremely well and we continue to support the company. We are fully aligned with the vision of banking that Atom is pursuing, and the disruption it is already bringing to the UK financial services sector.”
Atom says the fresh capital injection will be used to roll out new products and services, building on the opportunities created by the introduction of Open Banking and PSD2.
CEO, Mark Mullen says: “This further significant injection of capital secures the bank’s place as a disruptive force in the mainstream of UK banking. We will continue to invest in growth, in our technology and in our products as we continue to push ahead with the support of our investors.”