3/7/2018, 11:29 AM (Source: TeleTrader)
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Mobile-oriented Atom Bank closes funding round

Atom Bank Plc hailed "disrupting banking" on Wednesday, saying it won £149 million in support, mostly from current strategic investor Banco Bilbao Vizcaya Argentaria SA and London-based Toscafund Asset Management Llp. The giant Spanish lender, which has provided £167 million in total so far, is increasing the holding in the startup focused on mobile services to 39%, the statement revealed.

After regulatory clearance and a green light from stock owners, the financial firm headquartered in Durham in North East England will get £85.4 from BBVA and £54.4 from Toscafund. There are existing shareholders participating in the round, according to the press release. Atom Bank said it took £1.3 billion in deposits in the nearly two years since the launch and loaned more than £1.2 billion to small and midsized firms and homeowners in the United Kingdom.

The company, which has three hundred permanent workers, has raised almost £400 million from investors including Woodford Investment Management Ltd., run by Neil Woodford. "We will continue to invest in growth, in our technology and in our products as we continue to push ahead with the support of our investors," said Mark Mullen, the mobile banking system operator's chief executive.

Baha Breaking News (BBN) / IT