Spanish banking group BBVA has concluded the £85.4m investment into UK-based challenger bank Atom after securing the required approvals.
With this transaction, which was announced in March this year, BBVA increases its stake in Atom to 39%. Atom was the first UK’s bank built exclusively for smartphone or tablet.
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Apart from BBVA, Atom also secured additional capital from some other shareholders, bringing the total capital raised to £149m.
The new capital will allow Atom to continue its growth, and support the inclusion of new clients and build core capabilities.
Commenting at the time the deal was initially announced, in March this year, BBVA CEO Carlos Torres Vila said: “Atom is progressing extremely well and we continue to support the company”. “We are fully aligned with the vision of banking that Atom is pursuing, and the disruption it is already bringing to the UK financial services sector.”
Atom, which has so far accumulated over £1.4bn in deposits and has lent more than £1.2bn through residential mortgages and business loans, will also be looking to launch new products and services in the future.
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By GlobalData
