Digital bank Atom nears launch after raising £135m in capital

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Atom is one step closer to launching after announcing it has raised £135m in capital.

The digital-only lender, which is set to launch later this year, today announced Spanish bank BBVA has acquired a 29.5 per cent stake in it for £45m. Other investors like Neil Woodford, one of the UK’s most successful fund managers, and Toscafund have already backed the lender.

The bank says it has now closed its round of capital raising.

Atom gained its banking licence in July. The branch-free bank is developing a range of personal and business banking products and services that will be delivered online and through mobile apps.

It will offer mortgages although it has not yet revealed the details. However, in September last year the bank hired former Lloyds head of national accounts Maria Harris as its head of intermediaries.

The bank’s chairman is Anthony Thompson, who is the founder and former chairman of Metro Bank.