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Atom Bank completes primary stage of capital funding
Spanish bank BBVA has agreed to invest £45m for a 29.5% stake in Atom Bank, which sees it complete its capital raise needed to launch publicly in early 2016.
The new shareholder which operates across the Americas, Europe and Asia, is known for its innovative use of technology and will join existing core investors Woodford and Toscafund which have maintained their positions as leading shareholders.
Institutional investors Marathon and Polar Capital will also be maintaining their funding commitments to Atom as part of the final raise before launch.
Atom, which is the UK’s first digital bank, secured its banking licence in June this year. The bank has appointed former chief executive of First Direct Mark Mullen as its chief executive, and former chairman Anthony Thomson as chairman.
Ex-Lloyds head of national accounts Maria Harris is leading the bank’s intermediary mortgage sales division.
Chairman Thomson said: “Atom has now raised over £135m in the 18 months since the founding team came together. This is a great response from investors to the compelling business case that the team has put together, and is a powerful signal to the regulators and most importantly for UK consumers.
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“We have kept our app to ourselves so far to protect the innovation and Intellectual Property that it is built on. Having seen it in operation I believe it will transform banking in the UK and beyond and with BBVA as our strategic partner we really do feel that the sky is the limit for Atom.”