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Posted on March 7, 2018 by staff

Atom Bank eyes further tech investment after £149m round

The CEO of Atom Bank said the digital challenger bank will continue to invest in technology after securing £149m in its latest fundraising round.

The round was led by cornerstone investors BBVA, which is increasing its ownership to around 39 per cent; and Toscafund, which is investing £54.4m and also increasing its stake in the bank.

Durham-based Atom said the injection of capital will secure its “continued rapid growth as a lender” and fund further investment in technology and business capabilities.

To date Atom has taken £1.3bn of deposits and loaned over £1.2bn to SME businesses and homeowners in the UK. Last year, Black Eyed Peas star will.i.am took on the role of strategic board advisor.

“We are very proud of what we have achieved in the Atom journey to date and we are excited about our plans for the future,” said CEO Mark Mullen.

“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.”

Bridget Rosewell, Atom bank’s chair, added: “Atom is a rapidly growing, ambitious and vibrant business that is founded on the unique fit of our shareholders, our team and our partners.

“I am delighted that our investors have decided to back the bank with such a significant injection of capital to fuel our mission to change banking permanently for the better.”

In January, Atom founder Anthony Thomson stepped down as chairman, a role he has held since Atom was established in 2014.