Atom Bank passes £900 million in deposits



Atom
Bank chairman and cofounder Anthony Thomson.


Atom
Bank



LONDON — Startup, app-only bank Atom has passed £900 million in
deposits less than two years after launching its first savings
product.

Atom confirmed to Business Insider on Monday that it has
attracted over £900 million in deposits since July 2016 when it
first launched its savings accounts.

A spokesperson told BI: “Responsible and sustainable growth of
our business has always been a priority for Atom, passing on the
benefit of our low-cost model to UK consumers in the form of
competitive rates.

“Our savings deposits have now grown to over £900 million, with
our mortgage and business lending following a similar trajectory.
We’re the fastest growing challenger bank in the UK, with cost
and efficiency driving our ambition to deliver great value for
customers and investors.” 

The disclosure comes as Atom’s annual accounts show that the
startup had £538 million in deposits from over 17,000 customers
at the end of March. It means the app-only bank has attracted
around £400 million in four months.

Founded in 2014, Atom is one of a number of so-called “neobanks”
— startups trying to build app-only banks. Others include Monzo
and Starling. Atom was founded by former Metro Bank chairman
Anthony Thomson and former First Direct CEO Mark Mullen.

Thomson, Atom’s chairman, writes in Atom’s 2017 accounts: “Whilst
there was considerable research to support our strategy, we –
like many others – had no idea how quickly mobile banking would
come to dominate.”

The bank’s accounts, filed with Companies House this week, show
Atom has received over £300 million of small business loan
applications and lent out close to £100 million in loans and
mortgages by March this year.

Atom had a net interest loss of £1 million for the year, due to
paying out interest on…

Read the full article from the source…

Leave a Reply

Your email address will not be published. Required fields are marked *