Atom Bank

AtomBank plc.
Public limited company
Industry Personal Finance, Banking
Founded Durham, UK
Number of employees
 250
Website atombank.co.uk

AtomBank is a digital financial company that calls itself “Britain’s first digital-only bank.”[1] It provides banking services through a smartphone app.[1] It has no branches, tellers, or other physical outposts. It does not have a traditional online banking outlet, as users must utilize the smartphone application to bank.[2] It claims this lowers costs and allows increased interest rates.[2] It has recently gained coverage in major outlets including the Sun and Telegraph due to account specials that have driven substantial signups, as well as its rapid growth and disruption of the staid banking industry.[1][3][2][4][5]

History

Atom first secured its banking license in June 2015.[6] The company launched to the public in April 2016.[3]

In March 2017 it raised £83M in venture funding, which brought its total funding to over £200M.[6][7]

On March 9, 2017, the bank experienced over 5,000 new customer signups in one day, a new record.[1] The surge was caused by the end of a special interest rate offer, which created controversy in some financial publications.[8]

In 2017, there were reports that will.i.am may become a spokesperson for the company.[9]

It continues to offer savings rates above other competitors.[3] It also offers mortgages and other services.[10]

References

  1. 1 2 3 4 "5,000 join Atom Bank in just one day". The Telegraph.
  2. 1 2 3 http://www.telegraph.co.uk/personal-banking/savings/atom-bank-cut-market-leading-savings-bond-rates-midnight/. Missing or empty |title= (help)
  3. 1 2 3 "Atom, Monzo and Tandem - the new banks you've never heard of but here's how they could make you richer". The Sun. 29 March 2017.
  4. ↑ "Atom Bank: Meet the bank that is having to turn away customers". The Week UK.
  5. ↑ "Subscribe to read". www.ft.com.
  6. 1 2 "Atom Bank will snag 83 mln pounds - PE Hub". PE Hub. 6 March 2017.
  7. ↑ "Atom Bank raises further £83m capital". UKFast.
  8. ↑ "The app-based bank that has too many customers".
  9. ↑ "Welcome to Euromoney". Euromoney.
  10. ↑ https://www.mortgagestrategy.co.uk/profile-atom-banks-maria-harris-shaking-mortgages/. Missing or empty |title= (help)
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