UK FinTech Atom Bank has confirmed a fund raise of £40mn.
In Brief:
The funding has been led by BBVA, which currently owns around 40% of the challenger bank.
It also includes Toscafund Asset Management.
Shares were valued at 60p, half the price they went at in 2019.
What does this mean?
Despite a lower valuation, Atom says it’s had a successful year and plans an IPO within the next two years. CEO Mark Mullen commented on the “strong momentum baked into the business” following its “best year ever”.
