Durham, UK based banking app Atom Bank has raised another £83m from existing investors, led by BBVA. Woodford Investment Management, Toscafund Asset Management and others contributed to the funding, which brings the total capital raised by Atom to £219 million.
Led by experienced bankers in CEO Mark Mullen and chairman Anthony Thomson, the challenger received its banking license in June 2015 and launched operations in April 2016, offering two fixed-saver accounts and secured business lending for SMEs. Since then, it has been building up its product range, recently launching a mortgage offering, with current accounts, debit cards, overdrafts and instant access savings, all in the pipeline. All products are serviced through the firm's app, with modern technology such as face and voice biometrics, and machine learning technology at the heart of a system promising to shake up the traditional, branch-based retail banking world.