Durham, UK based app-only bank Atom Bank has raised £100m in equity financing from previous investors including Toscafund and BBVA. Atom Bank is a mobile banking application that offers a range of personal and business banking products. Users can login using face and voice recognition and receive support from a 24/7 customer service team.
British app-only bank Atom is set to announce an equity investment of close to £100 million ($125 million) in the next few weeks with support from its existing investors. Chairman Anthony Thomson announced last August that the bank planned to raise £100 million in the first quarter of 2017. Thomson confirmed to Business Insider that Atom Bank will be announcing a funding round "of that order ... in the next few weeks." "To date, we've raised £135 million. We will just be announcing the closing of our next capital raise in the next few weeks," Thompson told Business Insider. Atom's existing investors include hedge fund Toscafund, star City stock-picker Neil Woodford, and Spanish bank BBVA, Atom's biggest shareholder. BBVA invested £45 million in Atom prior to launch, valuing it at £150 million.