Member Article

Bond Dickinson advises Atom on BBVA deal and £135m fundraising

Newcastle law firm Bond Dickinson has advised Atom, the UK’s first digital bank, on its latest developments which most recently included a strategic partnership with BBVA.

BBVA has agreed to invest £45m for a 29.5% stake in Atom and bring its global expertise in digital and mobile banking to the launch and growth of Atom.

On completion of BBVA’s investment, Atom will have raised over £135m in the 18 months since the founding team came together.

Existing core investors Woodford Investment Management LLP and Toscafund Asset Management LLP have held their positions as leading shareholders alongside BBVA, and institutional investors Marathon Asset Management LLP and Polar Capital are also maintaining their commitment to Atom.

A team led by Bond Dickinson corporate partners Simon Watts and Ben Butler has been involved in the creation of Atom from the start.

Ben Butler, Corporate Partner at Bond Dickinson who led the BBVA deal, said: “This is a very exciting time for Atom, the UK financial services world is changing in the face of consumer demand for something different and its innovative proposition will have a big impact.

“We are delighted to continue advising Atom as Anthony, Mark and the team move towards launch next year.”

Founder and Chairman of Atom, Anthony Thomson said: “This is a great response from investors to the compelling business case that the team has put together, and is a powerful signal to the regulators and most importantly for UK consumers.”

“We have been delighted by the responsive and pro-active approach Bond Dickinson have taken throughout these latest exciting developments for Atom. They have become integrated members of the Atom team, and always deliver an excellent service.”