MADRID, Nov. 24, 2015 /PRNewswire/ — 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 has been investing in digital financial services since 2011 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 Gonzalez, BBVA’s Chairman and Chief Executive. "BBVA’s investment in Atom backs those beliefs in one move."
Atom aims to offer a great customer experience by using the best practices from leading digital firms and introducing them to the banking industry. Customers will be able to open accounts using Atom’s mobile app, access to their financial information in a simple way and take advantage of a range of unique tools to help them the get the most out of their money.
"Atom is delighted to partner with BBVA. We have long admired their vision and leadership, and like us, BBVA clearly believe in the power of technology to transform customers’ lives for the better," said Mark Mullen, Atom’s Chief Executive. "We share BBVA’s commitment to place the interests of customers […]
