BBVA will invest £45 million for a 29.5% stake in the UK financial services industry’s most disruptive player - Atom is the first mobile-only bank to be granted a licence by the PRA in the UK
BBVA has agreed to invest £45m (around €64m) for a 29.5% stake in Atom, the UK’s first mobile-only bank, which will launch in early 2016. The investment is part of BBVA’s strategy to lead financial services in the digital age.
Atom was the first mobile-only bank to be granted a licence by the PRA in the UK last June. It intends to build a customer-driven bank, designed to meet their needs, and optimised for mobile clients.
BBVA’s investment will be used to provide capital for the build-up of Atom’s business. As a strategic shareholder and partner, BBVA will have two seats on Atom’s board and it will have the opportunity to participate in future funding rounds. BBVA will also use its digital network to provide knowledge and support for Atom’s development.
“BBVA believes the digital market in the UK offers excellent growth opportunities and that digital banks that put the customer first are the future,” said Francisco González, BBVA’s Chairman and Chief Executive. “BBVA’s investment in Atom backs those beliefs in one move”.