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Atom Bank raises USD 102 mln

Monday 6 March 2017 | 02:19 PM CET

Atom Bank has raised another GBP 83 million (USD 102 million) in funding led by BBVA, the Spanish bank and owner of Simple in the US.

The funding gives Atom a post-money valuation of GBP 261 million (USD 320 million), reports TechCrunch.

The plan is to use the funding to continue building out its customer base and services, as well as provide capital for lending: Atom officially launched in April 2016 and customers access the services via iPhone and Android apps. Today it offers mortgages, Fixed Saver accounts and secured loans for SMEs.

BBVA led the round with a GBP 29.4 million investment, and it says that this investment will help it maintain a 29.5% share of the startup post-money. In its last round, Atom was valued at GBP 152.5 million (just over USD 200 million). The startup has now raised GBP 219 million to date (USD 268 million).

Others participating in this round include previous backers Woodford Investment Management, Toscafund Asset Management and other unnamed investors.

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