Atom Bank, a British challenger bank built exclusively for mobile, has raised a further £83m from its existing investors.

The fundraising was backed by Spanish banking group BBVA, who previously acquired a 29.5% stake in the bank, alongside Woodford Investment Management and Toscafund Asset Management.

The latest round of fundraising brings the total capital raised by the bank to £219m.

Atom Bank, led by founder and chairman Anthony Thomson and CEO Mark Mullen, secured its banking licence in June 2015. It launched banking operations in April 2016.

The bank currently offers two fixed saver accounts, secured business lending for SMEs, and a residential mortgage range. Plans for additional products are in the pipeline throughout 2017.

Commenting on the latest fundraising, Thomson said: “We are very pleased with the response we have had from investors. Our customers benefit from the backing of highly reputable investors who are supportive of what we are doing.

“This is a great vote of confidence in our growth prospects and plans for the future. With the work we have done so far we are just beginning to see how transformational our new approach to banking can be. There is so much more to come from Atom in the coming months and years.”