News: BBVA is extending its partnership with the UK’s first digital bank.
Atom Bank is receiving a £45 million investment from Banco Bilbao Vizcaya Argentaria (BBVA) as part of an extension of the strategic partnership between the two parties.
As well as acquiring a 29.5 percent stake, BBVA will provide expertise and advice to the digital-only bank.
This brings Atom’s total funds raised to £135 million in the last 18 months, with investors including Woodford Investment Management, Toscafund Asset Management, Marathon Asset Management LLP and Polar Capital.
Atom is the first bank in the UK that will have no physical branches and will operate entirely through an app; it acquired a license from the Bank of England in June.
"Like us, BBVA firmly believe in the power of technology to transform customer’s lives for the better. We share their commitment to place the interests of customers at the heart of everything that the bank does," said Mark Mullen, Atom CEO.
Read CBR’s interview with Atom’s Chief Operations and Innovation Officer, Edward Twiddy, here.