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Atom Bank secures £149M from BBVA, other investors in latest capital raise

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Atom Bank secures £149M from BBVA, other investors in latest capital raise

Atom Bank Plc has raised £149 million in its latest fundraising round, which will see Banco Bilbao Vizcaya Argentaria SA and Toscafund Asset Management LLP raise their stakes in the U.K.-based digital lender, according to a March 7 statement.

BBVA said it had agreed to inject a further £85.4 million into Atom Bank, increasing its shareholding to around 39%, pending regulatory and shareholder approvals, noting that the move is a sign of the Spanish lender's confidence in Atom Bank's business strategy and management team.

Toscafund, meanwhile, will also increase its stake in the British bank by investing £54.4 million. Atom Bank's other existing shareholders are also supporting its capital increase, bringing the total amount raised in this round to £149 million.

The new capital injection will be used to fund Atom Bank's further investment in technology and business capabilities, as well as support the uptake of new clients as it rolls out new products and services in the future.

"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," Atom Bank CEO Mark Mullen said.

Atom Bank has raised almost £400 million of equity capital since it was founded in 2014.