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Womble Bond Dickinson advises Atom Bank on £149m fundraising


Mar 28, 2018

Transatlantic law firm Womble Bond Dickinson has advised longstanding client 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 Newcastle-based Corporate Partner Ben Butler and Associate Catherine Willis who advised on the complex transaction. The firm has a longstanding relationship with the challenger bank and Ben Butler and fellow partner Simon Watts have been involved in the creation of Atom from the start.

Bridget Rosewell, Atom bank’s Chair said: “Atom is a rapidly growing, ambitious and vibrant business that is founded on the unique fit of our shareholders, our team and our partners. I am delighted that our investors have decided to back the bank with such a significant injection of capital to fuel our mission to change banking permanently for the better”.

Atom bank’s CEO, Mark Mullen said: “We are very proud of what we have achieved in the Atom journey to date and we are excited about our plans for the future. This further significant injection of capital secures the bank’s place as a disruptive force in the mainstream of UK banking. We will continue to invest in growth, in our technology and in our products as we continue to push ahead with the support of our investors.”

“We have been delighted by the responsive and pro-active approach Womble Bond Dickinson have taken throughout these latest exciting developments for Atom..”

Ben Butler of Womble Bond Dickinson commented: “Atom is one of the key disruptive forces that are reshaping today’s financial services landscape. This latest fundraising round is excellent news for Atom who continues to grow from strength to strength, offering consumers and businesses innovative and progressive solutions. We’re delighted to have advised them on this transaction and look forward to continue working with the Atom team.”

Womble Bond Dickinson provides legal advice on a range of sectors across its offices in the UK and the US. The firm’s corporate banking and finance lawyers advise private equity firms, investee companies, management teams and debt providers on private equity transactions, including growth and development capital, as well as management buyouts.

Ranking in the UK’s top 20 law firms, Womble Bond Dickinson provides legal expertise in eleven key sectors from across eight offices in the UK and 19 offices in the US.

By Emily