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Amid a crowded field, Atom Bank has managed to mix hipster with grey hair pedigree to raise a total of ~$230M. It's founder is Anthony Thomson (co-founder of the UK’s low-cost Metro Bank) and it's CEO is Mark Mullen, former CEO of First Direct, HSBC’s groundbreaking telephone/online-only bank.
The round is being led by strategic investor BBVA — the Spanish-based banking giant that last year acquired U.S. online banking startup Simple for $117 million. BBVA is taking a 29.5% stake in Atom Bank for £45 million ($68 million), working out to a post-money valuation for the startup of £152.5 million (just under $230 million). Other investors in this round include previous backers Woodford and Toscafund, as well as Marathon and Polar Capital. The total raised by Atom to date is £135 million, and the company, which picked up a banking license in June, says that this will be the last money it raises before launching to the public in early 2016.
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