Atom receives banking license ahead of launch

Atom Bank has been granted its licence by the Bank of England, enabling it to push ahead with plans to launch later this year.

Related topics:  Finance News
Rozi Jones
24th June 2015
businessman, run, race, new, challenger

Atom has recently been authorised by the Prudential Regulation Authority and is regulated by the Financial Conduct Authority and the PRA.

It is now developing a range of personal and business banking products and services that will be delivered using mobile apps, with a desktop version to follow. This will see it become the first fully digital bank in the UK.

Atom has 100 permanent and contract staff and is set to employ at least another 60 before the end of the year. It has also established a network of 110 partners and suppliers from across the North East, UK and globally.

Having raised £25m to build the bank, Chairman Anthony Thomson, CEO Mark Mullen and CFO Dave McCarthy are currently raising the balance sheet capital for Atom’s launch.

Commenting on the award of the licence, CEO Mark Mullen said:

“This is a wonderful vote of confidence in Atom. Atom will offer a quality of digital experience without parallel in this sector or in many others. Our team reflects this.

"Between us we’ve built and run some of the most highly respected banks in the UK, brought ground-breaking innovation to manufacturing and service businesses, and created great software with a worldwide reach. Now all of this is being poured into building Atom so that customers will have a bank in their pocket that is ready whenever and wherever they need it.”

Atom Bank’s Founder and Chairman Anthony Thomson commented:

“It’s a testament to the talent and the dedication of our extraordinary team here in Durham and to the support and vision of our investors. It’s also a positive endorsement of our business plan and model from the Prudential Regulation Authority and the Financial Conduct Authority. We now have the mandate that only comes with a banking licence – to change banking permanently for the better.”

Edward Twiddy, Atom’s Chief Operating and Innovation Officer said:

“We’ve set about designing a banking app that’s in tune with how people think about their money. Our customer service team will provide support and technical expertise to customers all-day and everyday by phone, chat and email and through social media. Our customers will also have access to the UK and international ATM network and the ability to pay in cash and cheques when needed.”

Kevin Mountford, head of banking at MoneySuperMarket, added:

“The news that Atom Bank will become the first fully digital bank in the UK is extremely exciting for the industry and consumers.

“Whilst a launch date and product information is yet to be announced, the fact the FCA and PRA have granted a full UK banking license means greater choice in the market could soon by on the way, especially for those who are happy to embrace innovation and conduct their banking digitally. As a first in the UK, it will be interesting to see what type of products they will launch with and how their app based approach will differentiate them from their high street competitors.

“Atom Bank is the latest in an influx of new brands to the UK market, and provides genuine competition in the banking sector.”

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