Atom Bank will snag 83 mln pounds


UK-based mobile-focused Atom Bank has agreed to secure 83 million in funding. The investors include BBVA, Woodford Investment Management and Toscafund Asset Management. Macquarie Capital (Europe) Limited served as financial adviser to Atom Bank on the transaction.

PRESS RELEASE

Atom Bank, the UK’s first bank designed exclusively for mobile, has agreed terms for a further £83M in equity, which will bring the total capital raised by Atom to £219M. They have secured further capital from current investors including BBVA, Woodford Investment Management, Toscafund Asset Management and others reaffirming their commitment to Atom’s future.

After securing its banking license in June 2015, Atom Bank launched operations in April 2016, offering two market-leading Fixed Saver accounts and secured business lending for small and medium-sized enterprises (‘SMEs’). From the start, Atom set out to build a customer-driven bank, designed to meet their new needs and optimised for mobile technologies. Atom Bank recently launched its first mobile mortgage product, allowing borrowers to manage everything via an App. Atom plans to launch further products and enhancements to the App throughout 2017.

Atom aims to offer a great customer experience by using the best practices from leading digital firms and introducing them to the banking industry. Customers are able to open accounts using Atom’s mobile App, access their financial information in a simple way and take advantage of a range of unique tools that will help them get the most out of their money.

Commenting on the latest capital raise, Atom Bank’s Founder and Chairman, Anthony Thomson said: “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”.

Atom expects to announce further funding in the near future.

Macquarie Capital (Europe) Limited act as financial advisors and Bond Dickinson act as legal advisors to Atom Bank plc.

Atom is determined to set the agenda for what the future of banking looks like, redefining the relationship customers have with their money, providing a unique, branch-free, banking experience, built around the best interests of customers. They want customers to be more engaged with their finances, giving them the ability to manage their own money just by using the Atom App. A dedicated 24/7 support team will be on hand to help with any customer queries through phone, chat, email and social media, working out of their Durham HQ.

About Atom Bank
Atom is a new bank, authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.

Founded in 2014 and based in the City of Durham, Atom has a growing team of over 260 people drawn from across the country, working with partners to bring pioneering technology to Europe for the first time. Atom is building the UK’s first bank designed specifically for digital, offering easy and convenient banking, along with unique and engaging ways to manage money. Atom has been recognised in KPMG’s 2016 Fintech 100, being in the Top 10 companies using technology to drive disruption globally within the financial services industry. Atom Bank plc, a company registered in England and Wales with company number 08632552.

The Atom executive team are highly experienced, having built and run some of the most well respected banks in the UK. CEO Mark Mullen has 25 years of experience in the sector and was previously CEO at the multi-award winning telephone and internet bank First Direct. The team are supported by a strong non-exec board, which includes founder and Chairman Anthony Thomson, also the founder and former Chairman at Metro Bank. He is Chairman of the Financial Services Forum, the UK’s leading membership organisation for senior FS industry executives and Chairman of the National Skills Academy for Financial Services, a national charity. He has also recently been appointed as Newcastle University Business School’s new Goldman Visiting Professor.

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