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Digital bank Atom has received a £45m investment from BBVA.
< 
div>Digital bank Atom has received a £45m investment from BBVA.
The Spanish lender agreed to invest in a 29.5% stake in Atom, and joins core investors Woodford and Toscafund who have maintained their positions as leading shareholders.
Atom has now raised over £135m in the 18 months since the founding team first got together.
Mark Mullen, CEO at Atom, said: “Like us, BBVA firmly believe in the power of technology to transform customers’ lives for the better.
“We share their commitment to place the interests of customers at the heart of everything that the bank does, and the shared values and relationship between us that has built up over months of interaction have been critical to knowing that they are the strategic partner for Atom.
“It is a huge vote of confidence in our team, business model and indeed the future of competition in UK banking that BBVA are coming on this journey with us.”
Francisco Gonzalez, BBVA’s Chairman and Chief Executive, added: “BBVA believes the UK offers excellent growth opportunities and that digital banks that put the customer first are the future.
“BBVA’s investment in Atom backs those beliefs in one move.”
Atom has yet to launch, but was recently authorised by the Prudential Regulation Authority and the Financial Conduct Authority. It is set to publicly launch early next year.
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