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NEWS Atom Bank pulls in £83 million
has raised £83 million in a funding round which takes the new entrant’s total capital raise to £219 million to date. The round was lead by main shareholders, BBVA, Woodford Investment Management and Toscafund.
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Stumping up £29.4 million, BBVA remains Atom’s main strategic investor, with a 29.5% stake. “Atom has a lot of promise, with tremendous opportunities for growth. It allows BBVA to further its transformation and maintain its commitment to the British market,” says Javier Rodríguez Soler, Global Head of Strategy and M&A at BBVA.
News of the deal follows a tie-up with
Will.i.am which could see him take a multi-million pound stake in the business. The FinTech has agreed terms with the rapper, producer and judge on TV talent show The Voice UK, to act as a consultant and board adviser. He would have an option to acquire up to 3.55 million shares in Atom Bank at a price of £1.15-per-share during a three-year period. In return, he will engage in PR activity for the new entrant, attend board
K mobile-only challenger, Atom Bank, meetings and publish social media posts about it.
Atom, which was founded by Mark Mullen, former CEO of first direct and Anthony Thomson, who created Metro Bank, officially opened to all customers last year. It had previously been in “invitation only” mode, with its iPhone and Android app available to customers who had expressed interest and been given a registration code.
“We are very satisfied with the confidence that our main shareholders are placing in us by participating in this capital increase. We will keep growing, rolling out new products and developments of our app and offering a whole new way of banking on our mission to change banking permanently for the better. The activ- ity in the UK market will continue to gather heat in 2017 and we are confident we have a firm foundation to keep making headway,” says Thomson.
Scott Thompson
Revolut goes crowdfunding, unveils Pre- mium product
ondon-based FinTech, Revolut, is launching an Amazon Prime-style subscription service and a £4 mil- lion fundraising initiative on equity crowdfunding platform Seedrs, part of a larger Series B round.
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A premium account priced at £6.99 per month or £72 per year will give users access to unlimited money transfer services, via the Revolut app, at interbank rate without fees. Other benefits include a Mastercard with an ATM withdraw- al limit twice the size of a basic account and overseas medi- cal insurance. “Revolut Premium will be an all-you-can-eat membership programme for a new generation of digitally- driven demanding consumers who feel disengaged from their current financial service providers,” says Founder and
Chief Executive, Nikolay Storonsky.
The startup recently launched a new instant credit offering in part- nership with peer-to-
peer platform Lending Works, following on from a deal with online investment channel Bricklane. The venture, which refers to itself as a neo-bank, also rolled out its current account offering in January and claims a user- base of around 550,000.
Scott Thompson
www.ibsintelligence.com © IBS Intelligence 2017
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