Atom Bank: Raises £50 million

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Atom Bank: Raises £50 million

Atom Bank: Raised £50 million in a fundraising round with participation from BBVA, Toscafund, Woodford Patient Capital Trust

  • Thought Machine’s Vault product comes with a full suite of retail banking products
  • The bank is also working with Newcastle University to develop a blockchain-based system for mortgage applications
  • Atom launched its first mobile mortgage product in December 2016
  • The challenger says it is welcoming up to £20m of business and £10m of residential mortgage applications each week
  • In June last year, BBVA completed an £85.4m investment into Atom
  • The  round also takes the loss-making challenger’s total funding to £450 million