Atom Bank’s £149m fundraising of equity capital

Womble Bond Dickinson has advised Atom Bank, the UK’s first bank designed for digital, on its £149m fundraising.

This latest fundraising round was led by cornerstone investors BBVA, the world’s leading digital bank, and Toscafund, the London based investment firm.

As part of this fundraising round BBVA will invest a further £85.4m, increasing its ownership in the bank to around 39% subject to regulatory and shareholder approval. Toscafund will invest £54.4m and is also increasing its stake in the bank. A number of Atom’s other existing shareholders are also supporting this raise, bringing the total capital increase to £149m.

The injection of capital will secure Atom’s continued rapid growth as a lender and fund further investment in technology and business capabilities. To date Atom has taken £1.3bn of deposits and loaned over £1.2bn to SME businesses and homeowners in the UK.

The Womble Bond Dickinson team was led by Corporate Partner, Ben Butler (picture), and Associate, Catherine Willis, who advised on the complex transaction.

Clifford Chance advised Spanish Bank BBVA on the deal with a team led by corporate partner Gareth Camp and senior associate Daud Khan, working with associates Monica Gemes and Claire Zhu, with support from regulatory partner Owen Lysak.

Involved fees earner: Ben Butler – Womble Bond Dickinson; Catherine Willis – Womble Bond Dickinson; Gareth Camp – Clifford Chance; Daud Khan – Clifford Chance; Owen Lysak – Clifford Chance;

Law Firms: Womble Bond Dickinson; Clifford Chance;

Clients: Banco Bilbao Vizcaya Argentaria (Bbva); Atom Bank;