Atom Bank

Last updated

Atom bank plc
Company typePublic limited company
Industry
  • Personal Finance
  • Banking
FoundedJuly 31, 2013;10 years ago (2013-07-31)
Founder
  • Anthony Thomson
  • Mark Mullen
Headquarters Durham, England, UK
Website atombank.co.uk OOjs UI icon edit-ltr-progressive.svg

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]

Contents

Atom is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.

History

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 UK's top 25 startups 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

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]

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References

  1. ↑ Murray, Amelia (23 March 2017). "5,000 join Atom Bank in just one day". The Telegraph– via www.telegraph.co.uk.
  2. ↑ "All hail the current account revolution". The Independent. 26 April 2017.
  3. ↑ Carey, Scott. "We've ranked the UK's digital challenger banks". Techworld. Archived from the original on 31 March 2020. Retrieved 22 September 2017.
  4. ↑ "Atom Bank Plc". Companies House. Retrieved 11 March 2021.
  5. 1 2 Lunn, Emma (24 June 2017). "Is your money safe with an 'app-only' bank?". The Telegraph– via www.telegraph.co.uk.
  6. ↑ "First Direct chief Mark Mullen splits to lead new digital bank Atom". Evening Standard. 9 April 2014.
  7. ↑ Williams-Grut, Oscar. "Britain just gave the green light to a bank with no branches and no website — just an app". Business Insider.
  8. ↑ 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.
  9. ↑ "Digital doors officially open at Atom Bank". CityAM. 6 October 2016.
  10. 1 2 "Atom Bank raises $102M at $320M valuation for a mobile-only bank for millennials".
  11. ↑ Whitfield, Graeme (1 November 2017). "Durham's Atom Bank named by LinkedIn as one of UK's top 25 start-ups". nechronicle.
  12. ↑ "50 Top Fintech Startups and Scaleups in the UK". Beauhurst. 12 December 2019.
  13. ↑ "Atom Bank raises £100m". fintech-alliance.com. 21 November 2023.
  14. ↑ 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.
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