Spanish bank acquires stake in UK startup, Atom Bank
(25 November 2015 – United Kingdom) Spanish bank BBVA has invested £45 million (A$94 million) into the UK's Atom Bank, in return for a 29.5 percent stake and making it the startup’s biggest shareholder.
The investment brings total funds raised by Atom to £135m in the 18 months since the founding team came together.
More importantly BBVA's stake brings increased size to the business which was founded by former Metro Bank chief Anthony Thomson and ex-First Direct CEO Mark Mullen - as it prepares for launch in early 2016.
The Spanish bank solidifies its stance on mobile and digital banking with the move. In the recent past, BBVA has acquired US neo-bank Simple for US$117 million (A$161 million), set up a $100 million venture fund to invest in fintech startups and established a digital banking and data analytics unit tasked with leading the bank on its next evolutionary steps into the digital world.
Mark Mullen, Atom’s CEO, says: "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.”
BBVA chairman Francisco Gonzalez said "Digital banks that put the customer first are the future,”
Adding, “BBVA’s investment in Atom backs those beliefs in one move.”
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