Durham-based Atom bank, the UK’s first bank designed exclusively for mobile technology, said it raised £149 million in a financing round led by cornerstone investors BBVA and Toscafund.

As part of the fundraising round BBVA will invest a further £85.4 million, increasing its ownership to around 39% subject to regulatory and shareholder approval.

Toscafund will invest £54.4 million and is also increasing its stake in the bank.

A number of Atom’s other existing shareholders are also supporting this raise.

“The injection of capital will secure Atom’s continued rapid growth as a lender and fund further investment in technology and business capabilities,” said Atom.

“To date Atom has taken £1.3 billion of deposits and loaned over £1.2 billion to SME businesses and homeowners in the UK.”

Atom bank chair Bridget Rosewell 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 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.”

Since its creation in April 2014, Atom has raised almost £400 million of equity capital via private and institutional investors, including BBVA, Woodford Investment Management and Toscafund Asset Management and built a team of around 300 permanent employees.