TELETRADER News
3/8/2016, 2:58 PM (Source: TeleTrader)
more TeleTrader news

Atom Bank acquires Grasp to attract younger users

Atom Bank, mobile-only bank based in the United Kingdom, agreed to take over design and development startup Grasp in order to create a service adjusted for younger users. The two companies said they have already worked together before the acquisition, which is partly about bringing more of that relationship in-house to develop projects.

“Their work is our shop window and we’re really excited about what has already been built, and all the future promises,” Edward Twiddy, Atom’s Chief Innovations Officer, said in the statement. The bank added it will focus on youth by creating mobile apps for communication with customers, and incorporating gamification and 3D visualisations into services, but also personalised featured in applications for clients.

The terms of the deal are not being disclosed, but it is agreed that the head of Grasp, Brian Jobling, will become Atom’s business development director. “Atom is rapidly expanding its development team and there isn’t a better place for top quality developers to hone their trade,” he stressed.

Banking giant BBVA funded Atom Bank with $128 million and took a strategic stake last year. The financial company based in Spain yesterday announced the acquisition of Holvi, Finnish online business banking service. The acquisition should improve digital business portfolio and complement the group’s transformation process, the statement said.

Breaking the News / IT