Atom Bank opens for business

Written by Rebecca O'Connor on 6th Apr 2016

Atom Bank, the UK’s first bank designed for digital and optimised for mobile, announced today that its regulatory restriction has been lifted, and it is open for online business.

Atom will initially offer a banking app and competitive fixed term savings.

The bank has not made a commitment to ethical or sustainable lending, but along with the likes of Metro Bank, Virgin and Mondo, hopes to break the stranglehold of the Big Four high street banks by offering better service.

The app will be made available to everyone who has pre-registered their interest through the Atom website, initially available for iPhone and iPad users with an Android version to follow shortly.

The digital challenger, based in Durham, will also be offering secured lending to SME businesses, available through a number of specialist business intermediaries.

During 2016, Atom will unveil a further range of products and continuous app enhancements, with a phased roll-out of services throughout the year. By the end of 2016, customers will have access to fixed term savings, current accounts, overdrafts, debit and credit cards, instant access savings and residential mortgages, all serviced via the app.

Anthony Thomson,  Atom’s founder and chairman, said: “The team has achieved something that simply hasn’t been done before. We believe we have built a bank in record time, and we’re not planning to stop here. It is not a simple task, and having an amazing team working hard to deliver the seemingly impossible has been crucial. We are all fully committed to continuing to innovate and deliver a transparent way of banking that turns the old world on its head.”

The app offers a completely new way to bank, using face and voice biometrics to log-in to the app, with paper-free account opening in just a few taps. Backed up by a Durham-based customer support team, available all day every day, Atom Bank provides intuitive technology, competitive pricing and is dedicated to ensuring customers get what they genuinely need from their bank, delivered in an engaging and simple way.

Atom Bank Logos from Digital Team on Vimeo.

Atom’s CEO, Mark Mullen said: “This is the start of a remarkable transformation of the banking landscape for everyone. Atom aims to offer a genuine alternative to the insidious and self-interested banks that dominate the UK banking landscape. Our approach will be to constantly evolve and extend our offering, with monthly updates to our app and a dedication to providing better value, greater transparency and a much more innovative banking experience.”

Atom Bank  raised more than £135 million capital through the support of a group of over 40 private and institutional investors, including BBVA, Woodford Investment Management, Polar Capital and Jon Moulton. It is ranked 8th in KPMG’s Global Fintech 100 listing and 1st in Tech World’s Digital.

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