Challenger bank Atom raises £149m
BBVA now holds a 39% stake in Atom, and has so far invested £167 million into it.
BBVA states the move is a “sign of its confidence in both the business strategy and management team at Atom”. It’s worth noting that Atom’s founder and chairman, Anthony Thomson, has recently resigned.
“Atom is progressing extremely well and we continue to support the company,” states BBVA’s CEO, Carlos Torres Vila.
Since its inception in 2014, Atom, which focuses on savings and lending (it does not offer current accounts), has achieved:
- attracted over £1.3 billion of savings deposits;
- lent over £1.2 billion to SMEs and homeowners;
- raised £400 million of equity capital, including from Toscafund Asset Management and Woodford Investment Management (in addition to BBVA);
- established an international network of partners, including Deposit Solutions in Germany;
- built a team of 310 employees.
Atom also claims to have the fastest account opening time in the UK – it takes just five minutes from downloading the app to account opening (provided the right requirements are in place).