Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

FinTech Star Atom Bank Raises £149 million

Durham-based fintech startup Atom Bank has raised a whopping £149 million ($206 million) funding round, led by Spanish bank BBVA.

Atom Bank is a mobile-only bank—accessible online or through Android and iOS smartphone apps— catering to young consumers (18-34 year-old). It was founded in 2014 by Anthony Thomson, but was launched in earnest only in April 2016.

Over the last two years, the company has quickly burgeoned into a customers’ (and investors’) darling: it  claims to be currently managing £1.3 billion in deposits, and to have loaned about £1.2 billion. In the same breath, Atom Bank has raised about £400 million from investors including BBVA, Anthemis Group and Woodford.

The latest tranche of funding is going to be funnelled into further developing the company’s existing products — presently including  savings accounts, mortgages and small business loans — and creating new ones over the next months

Atom Bank’s chair Bridget Rosewell commented on the new round in a statement: “Atom is a rapidly growing, ambitious and vibrant business that is founded on the unique fit of our shareholders, our team and our partners,” she said.

“I am delighted that our investors have decided to back the bank with such a significant injection of capital to fuel our mission to change banking permanently for the better.”

Company CEO Mark Mullen also commented on the news: “We are very proud of what we have achieved in the Atom journey to date and we are excited about our plans for the future,” he said in a written statement.

“This further significant injection of capital secures the bank’s place as a disruptive force in the mainstream of UK banking. We will continue to invest in growth, in our technology and in our products as we continue to push ahead with the support of our investors,” he concluded.

Image via Atom Bank

SHARE THIS ARTICLE:
BY SHACK15

Co-working space and blog dedicated to all things data science.

Subscribe to our newsletter