App-based bank Atom Bank has raised £50m in funding from existing investors.

London-based investment firm Toscafund, multinational Spanish banking group BBVA and venture capitalist John Moulton were joined by fund manager Neil Woodford’s Woodford’s Patient Capital Trust, which added £10m.

Woodford, who had previously held a stake in the FinTech through his Equity Income Fund, now holds around 18 per cent while BBVA holds a 39 per cent stake.

The investment means the FinTech firm has now raised a total of £419m over seven rounds.

The firm, based in Durham, will use the new funds to power business growth and product development it said, adding 50 new roles to its North East headquarters which currently houses around 350.

It is now believed that the FinTech firm will seek a further £175m ahead of a planned public offering in 2022.

The bank was the first to be built exclusively for access via smartphone or tablet, and offers personal and business banking products.

Last year the digital bank secured £149m in funding, and its founder, Metro Bank chairman Anthony Thomson, resigned as chairman.

Rapper will.i.am joined the FinTech firm as a strategic advisor in April 2017 in an estimated £4m share-based deal.

The FinTech firm was named one of BusinessCloud’s 101 FinTech Disrupters.

 

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