UK-based digital lender Atom bank has raised £50m in a funding round to support its growth.

BBVA, Toscafund, Woodford Patient Capital Trust and funds advised by Perscitus participated in the round.

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Preparations for the funding round began in May this year, after BBVA pulled back from a full Atom Bank takeover.

Following the latest round, the digital lender has raised a total of £450m from private and institutional investors.

Atom chairman Bridget Rosewell said: “This latest raise recognises the enormous progress that we have made on our journey to disrupt UK banking, and is a clear signal of our investors support for our future plans.”

Besides supporting its growth, Atom bank plans to use the new funding to further invest in technology.

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Currently, the bank is working on a plan to adopt a cloud-based IT model. Additionally, it is also preparing to roll-out new products using Thought Machine’s smart contract core banking technology.

Atom Bank CEO Mark Mullen said: “What’s important to customers is good products, good service and good value so that’s where we’ve spent the majority of our time and energy.

“We’re growing our team here in the North East and will add 50 new roles this year to help us expand the range of products and services we offer, starting with Instant Access savings in the autumn.”

Atom bank secured banking license in June 2015 and commenced operations in April 2016.

According to the digital lender, its total lending for homeowners and small businesses has jumped by 76% in the past year to £2.4bn. In the same period, its total deposits grew from £1.4bn to £1.8bn.