Atom Bank secures £45m investment ahead of launch

In June, Atom Bank was granted its licence by the Bank of England, enabling it to push ahead with plans to launch by the end of the year. It also received by the Prudential Regulation Authority and is regulated by the Financial Conduct Authority.

In a statement, Atom said:

"We’re really pleased to announce the exciting partnership between Atom and BBVA, with the Spanish bank becoming a major investor in our final capital raise before launch.

"BBVA is the name in digital banking. They’re pioneers with a proven track record of success, and like Atom, they put the customer at the heart of everything they do. By combining BBVA’s expertise in technology with our drive to create a truly unique bank for our customers, Atom now has the opportunity to become a formidable player in the UK banking landscape. As far as we’re concerned more competition and choice can only be a good thing for customers."

This year, Atom has been developing a range of personal and business banking products and services that will be delivered using mobile apps, with a desktop version to follow. This will see it become the first fully digital bank in the UK.

Atom has 100 permanent and contract staff and is set to employ at least another 60 before the end of the year. It has also established a network of 110 partners and suppliers from across the North East, UK and globally.

In August, Atom announced a 'long term, strategic partnership' with IRESS, becoming the first client to implement the latest version of IRESS’ MSO product, which has been re-engineered to enable the system to meet the varied needs of challenger banks and regional building societies, alongside traditional high street lenders.

MSO will provide Atom with sales and originations functionality to launch its mortgage proposition.