BBVA Enters UK Market: Buys 29.5% of UK's Mobile-Only Atom Bank Shares for £45M

Spanish bank BBVA led the £82-million funding round for Atom Bank, a UK mobile banking startup and app, with £45 million investment for a 29.5% stake in Atom. Among other investors are previous backers Woodford and Toscafund as well as Marathon and Polar Capital. Atom raised £135 million to date in an 18-month course and is looking to launch to the public in the beginning of 2016.

As described in the press release, Atom is a startup bank which has not been launched yet, but recently authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Founded over a year ago and based in the City of Durham, Atom is working with partners to bring pione ...

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