Atom Bank
 | |
| Company type | Public limited company |
|---|---|
| Industry |
|
| Founded | July 31, 2013 |
| Founder |
|
| Headquarters | Durham, England, UK |
| Website | atombank |
Atom Bank plc is a retail bank in the United Kingdom. It is the United Kingdom's first bank built for smartphone or tablet, without any branches,[1] and the first digital-only challenger bank to be granted a full UK regulatory licence.[2] The company is based in Durham, England.[3]
Atom is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.
History
[edit]Atom was founded in July 2013[4] by Anthony Thomson, co-founder of Metro Bank[5] and Mark Mullen, previous CEO at First Direct.[6]
In June 2015, Atom was granted a banking licence[7] and before launch in November 2015, Spanish bank BBVA agreed to invest a substantial stake in Atom.[8] The company launched to the public in April 2016, after its regulatory authorisation restrictions were lifted, initially to those who had expressed an interest previously and had been given a registration code.[9] It launched more widely in October 2016 and today it offers mortgages and savings accounts, along with secured loans for small businesses.[10]
In 2017, Atom was named by LinkedIn as one of the top 25 startups impacting the UK and ranked 14th alongside companies such as Deliveroo, Uber and Airbnb,[11] and in 2019, Atom ranked second in business analyst Beauhurst's list of 50 top fintech UK startups and scale-ups. It was the only company from outside London in the top 20 of the list.[12]
In November 2023, Atom raised £100 million from BBVA, Toscafund and Infinity Investments Partners.[13]
In June 2024, Atom Bank criticized large UK lenders for their "indifferent" customer service while celebrating a record year of profits, reporting a £27 million operating profit, about seven times higher than the previous year, and its first annual pre-tax profit since launching a decade ago. Atom saw a 39% increase in customer borrowing to £4.1 billion and a 55% rise in residential mortgage balances, maintaining low business costs and raising £100 million from investors.[14]
Mobile app
[edit]Atom has apps for iOS and Android phones,[10] offering biometric security, with customers able to sign in via face ID or voice ID.[5]
References
[edit]- ^ Murray, Amelia (23 March 2017). "5,000 join Atom Bank in just one day". The Telegraph – via www.telegraph.co.uk.
- ^ "All hail the current account revolution". The Independent. 26 April 2017.
- ^ Carey, Scott. "We've ranked the UK's digital challenger banks". Techworld. Archived from the original on 31 March 2020. Retrieved 22 September 2017.
- ^ "Atom Bank Plc". Companies House. Retrieved 11 March 2021.
- ^ a b Lunn, Emma (24 June 2017). "Is your money safe with an 'app-only' bank?". The Telegraph – via www.telegraph.co.uk.
- ^ "First Direct chief Mark Mullen splits to lead new digital bank Atom". Evening Standard. 9 April 2014.
- ^ Williams-Grut, Oscar. "Britain just gave the green light to a bank with no branches and no website — just an app". Business Insider.
- ^ Arnold, Martin; Dunkley, Emma (23 November 2015). "Spanish lender BBVA enters UK with Atom deal". Financial Times. Archived from the original on 6 May 2017. Retrieved 11 March 2021.
- ^ "Digital doors officially open at Atom Bank". CityAM. 6 October 2016.
- ^ a b "Atom Bank raises $102M at $320M valuation for a mobile-only bank for millennials".
- ^ Whitfield, Graeme (1 November 2017). "Durham's Atom Bank named by LinkedIn as one of UK's top 25 start-ups". nechronicle.
- ^ "50 Top Fintech Startups and Scaleups in the UK". Beauhurst. 12 December 2019.
- ^ "Atom Bank raises £100m". fintech-alliance.com. 21 November 2023.
- ^ Wise, Anna (19 June 2024). "Atom bank says UK 'dominated' by major lenders, as it cheers record profits". Archived from the original on 19 June 2024. Retrieved 24 June 2024.
