Mobile-only Atom Bank bags £83m
Durham-based business will use funding to grow its current user base of 14,000 and invest in the development of new banking services
Atom Bank, the mobile-only bank, has landed £83m in funding led by Spanish bank BBVA, with participation from Woodford Investment Management and Toscafund Asset Management.
Founded in 2014, Durham-based Atom Bank claims to be the UK’s first bank created exclusively for mobile, offering a range of services including mortgages, fixed saver accounts and secured loans for small businesses. Users can login with face and voice recognition and have access to a 24/7 support line.
The bank, which currently has around 14,000 active users, enables early adopters of its technology to become part of its Founder Programme, giving them the chance to be first to access and try out new services.
The funding will help Atom grow its customer base, continue to develop new services and provide capital for lending.
Anthony Thomson, the founder and chairman of Atom, commented: “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. 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.”